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| Subject: Housing Prices - Recession |
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In the Greater Toronto Area during this recession one would logically think Housing prices would fall.
What did fall was Interest Rates and with a thud.
Due to lower Interest rates for Mortgages it has created a huge demand keeping up and in fact increasing Housing prices.
Roy
www.cvimmigration.com
[26-08-2009,07:13]
[**.52.219.143]
Roy |
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(in reply to: Housing Prices - Recession)
our market is rebounding as well. They are calling it a balanced market where the number of buyers is about the same as the number of houses on the market. That means the end of the lowball offers and the end of bidding wars.
Prices have stayed about 8 -12% below the peak but that is not necessarily a bad thing. I sold my place after 4 days on the market and I had 3 offers (1 was 8,000 over asking price) so I think for both our cities, the worst may be behind us on the housing front.
That said, I have lived this cycle once before and there was a secondary dip that caught everyone off guard so my celebrations are cautious.
Moving next week.
[26-08-2009,11:03]
[***.20.116.15]
Sharon |
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