Will the market recover next year ?

Yes............as per CREA Here is what they have to say

The average price of a Canadian home is expected to decline by 8 per cent this year before rising by about 1 per cent in 2010, says a forecast by the Canadian Real Estate Association

While the forecast is optimistic compared with those of some analysts - who believe the housing market may not recover for several years given the last housing downturn, which saw average prices fall for seven straight years in the Toronto area - the report is in line with other economists who predict the housing market will start to show signs of recovery next year.

The report says the situation may be less dire than during the housing bubble of the '80s because mortgage rates and investor activity were much higher then.

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Raj Sandhu

Raj Sandhu

CENTURY 21 People's Choice Realty Inc., Brokerage*
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