Thursday, April 23, 2009

Recession is having impact on housing market in Ontario reports RBC

RBC is reporting that the recession is affecting the real estate market in Ontario. They are stating that the areas most effected by the slowdown in the economy, such as the auto manufacturing is hardest hit. This is also having a negative effect on the Toronto real estate marketplace.

We are seeing a very active and healthy real estate market in Mississauga. Properties are still selling in one to four weeks when they are priced right and show well. Time will tell if this buyout market continues, let's hope!
Mark


Ontario — Recession taking a toll

With the recession pounding many communities, housing market conditions have deteriorated notably across Ontario since mid-year last year. Areas particularly exposed to the woes in the manufacturing sector, such as Windsor, St. Catharines and Kitchener, have ranked high on the injured list with plummeting resale activity and dwindling prices.

Even the Toronto area has clearly entered a corrective phase.

The recession will continue to be the dominant factor weighing on the province’s housing markets in coming months. However, the impact is unlikely to develop into a rout similar to that of the early 1990s.

Affordability, while still causing some stress, is quickly being restored to levels closer to long-term averages thanks in large part to lower mortgage rates. This suggests that there is generally little excess currently for markets to clear.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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