Dice Rolls For 2008 Toronto Real Estate Market: Are You In The Game?
January 11th, 2008 Categories: Market Reports, News Wire
The numbers are in, and the 2007 Toronto real estate market performance earned “Best Year Ever”. It emerged as an early contender for the award and did not disappoint.
But enough about last year’s market performance. Toronto home buyers and sellers are eager to know: What’s predicted for the Toronto 2008 real estate market?
Toronto Real Estate 2008 Market Forecast
In the deluge of expert opinions, my “go-to” report this year for Toronto-specific real estate market information is the “Royal LePage 2008 Market Survey Forecast”.
So, the Toronto real estate market dice have rolled. Where have they landed for 2008?
The Toronto real estate market may not deliver another “Best Year Ever” performance as it adjusts to various pressures such as a roiling US financial market, a strong loonie and its impact on the Ontario manufacturing industry and eroding affordability after a decade-long upsurge in house prices.
However, a solid market performance is highly anticipated as the numbers look pretty good for both Toronto home buyers and sellers. The 2008 Toronto market forecast is for resale house prices to increase by 3.5%; sales are expected to drop by 5.5%.
Toronto First-Time Home
Buyers Step Up
Buyers are the essential ingredient for a healthy market, and 2008 could present the opportunity for which first-time home buyers have waited. As demand eases, the bidding wars and conditional offers that kept buyers on the sidelines the last few years may also ease.
Hey Lauren, great article. We in Chattanooga are looking forward to a good year as well. We were not affected by the highs and lows like other major markets. We are assisting a good amount of first time homebuyers and they are thrilled. Keep up the great work blogging.
David