The Toronto housing market ended 2009 with increased resales and higher prices from the beginning of the year. In fact the market started to slow down late 2008 and that carried into the first few months of 2009.
The average resale home price for Toronto Real Estate :
- 2007 -$376,236
- 2008 -$379,347
- 2009 -$394,464 (Up To November)
The December Toronto Real Estate statistics should be in shortly and they should end the year in positive territory.
So far this year, the Real Estate Market is up 4.8 per cent from 2007, a good showing from the recession that quickly disappeared, amazing analysts with positive results.
Toronto's economy is service-sector orientated and this sector lost only 0.4 per cent of its jobs compared to goods-producing jobs that lost 10.5 per cent from October 2008 to October 2009.
Some job sectors with a heavy presence in Toronto like finance, insurance, leasing, real estate, professional, scientific and technical services saw net job growth during the recession.
Toronto's new downtown Commercial Real Estate will add office space for all the young professionals who want to live downtown, many without a car as they can now walk to their workplace and avoid long commutes.
The Toronto housing market in 2010 should do well in desirable neighbourhoods, along the subway lines and close to downtown. More immigrants, investors and first time buyers all will help to make this year a positive one for Toronto Real Estate.
