Click on Chart below to enlarge.
There were 6,171 sales for the month of March 2009 and an average price of $362,052. Thus it was a pretty active month for sales, compared to 6,631 transactions in March 2008 a year ago and 8,518 sales for March 2007. So, it is the spring market and a lot more people are active this time of year.
Has the value of Toronto real estate fallen? Not really. We are up 0.2% in value for the month, from a month ago and down about 4.8% from the values of a year ago, down 9.1% from the market peak in May of 2008.
I'd say Toronto homes have done a good job of retaining value and should shoot-up as the general economy continues to recover. With interest rates at record low levels, it may be a good time to lock in to 5-year mortgages.
Let me know if you'd like more market information...
Ralph Evans
Sales Representative
RE/MAX Professionals Inc., Brokerage
Office 416 236-1241
Direct 416 577-5486
My website the RE/MAX RealEstateHelpDesk.ca
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