With the weather getting warmer over the last few weeks, I've noticed this weekend while driving that there are more and more open houses. I have also noticed that there have been more and more sold signs along my driving routes in and around the GTA. Obviously this is just me observing at a glance but it seems as though sales over the last few weeks have been increasing rather than declining as previously suggested by all of the experts. Of course there is a big decline than in previous years and there is a staggering decline in jobs over the past 8 months and these measures are sure to add up over the next few years but I believe that we're not going into an economic chaos as previously thought and as we are seeing in our neighbors to the south.
“While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current
home prices and mortgage rates suggest that GTA homes have become more affordable on average,” according to
Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater number of home buyers could take
advantage of this affordability once their positioning in the economy becomes more certain.” (taken from TREB news release)March 5, 2009