Good news from the Toronto Real Estate Board this morning.
The average price for February 2009 in the GTA came in at $361,305 vs. $343,632 for January 2009. Another welcome sign for homeowners (and potential homeowners) is that the Bank of Canada lowered it's overnight interest rate to 0.5% (the lowest in it's history). With the moderation year over year in prices and the low mortgage rates there are opportunities for both Buyers and Sellers. Also yesterday a survey for Ontario residents came out showing that 33% of Ontarians are thinking they will buy property over the next 3 years.
Courtesy of Anthony Allen Broker, MVA
Sutton Group Future Realty