Toronto Waterfront Condos

The beginning of a Spring Toronto Real Estate Market may be helping to slow the decline of sales and prices for resale homes in the first two weeks of February.

In the first two weeks of February 2,565 homes were sold in the Greater Toronto Area ( GTA ), down 19.4 per cent from the same two weeks in March 2008.

This 19.4 per cent drop in Toronto Resale Homes was the smallest rate of decline in volume for the last five months.

The fall in the average Toronto Home price showed less change, than a year earlier, dropping 5 per cent.

Offsetting the Toronto Real Estate slowdown are the following:

• Incomes continue to rise, net earnings were up 2.5 per cent compared to a year ago
• Major Banks have a high lending criteria resulting in few Bank Foreclosures
• Mortgage rates continue to be close to a 50 year low with low variable rate mortgages

 Toronto Home prices continue to decline year over year but not as steep as the last several months.

See Toronto Home and Condo Listings on our Toronto Real Estate website.