The Toronto Real Estate Board releases statistics for the first half of 2009.Greater Toronto REALTORS® reported 888 sales during the firsthalf of January compared to 1,776 in the first 15 days of 2008. “According to Statistics Canada, the economic situation throughout Canada changed noticeably over the past year with job lossesin the fourth quarter of 2008. Toronto is not immune to this, the GTA housing market has beenimpacted,” according to TREB President Maureen O’Neill.Prices have been affected, as expected.
Homes are still selling, but it is increasingly important to price accurately, stage professionally and hire the right agent to aggressively market the property.This is good news for anyone moving up in real estate now. Although, you will accept less money for your current home, if you are buying up, you are likely to buy lower.
We are recommending now as a great time to buy investment properties or move up to that larger home you have been dreaming about. Many people, if moving from a smaller home, are considering keeping their home as an investment property. I highly recommend this option if you are in a financial position to do so and only if the home can carry itself (the rent can cover all expenses). There are obviously risks involved when investing in real estate and it is important to educate yourself with the advice of a professional realtor, lawyer and accountant.
In every market, there are people who see the negative only and there are people who see the opportunities.
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