Saturday, July 11, 2009

RBC reports that Ontario's economy and real estate market improving

RBC reports that Ontario's economy is no longer in a negative period and
average prices have started to rise again


Ontario - Not so bleak anymore

Although persisting economic uncertainty is still hampering many Ontario's
communities, recent developments have provided encouraging signs that the
province's housing market, overall, has seen the worst of the cyclical
correction.

Spring resale figures have shown a surprising gush of activity in the
province, retracing much of the sharp declines during the fall and early
winter. Average prices for existing homes have started to rise again in
recent months, climbing back to where they were mid 2008. Much of this
resurgence in the overall Ontario market is owed to greater affordability
following a year-long period of repair.

By the first quarter of this year, some of RBC's affordability measures
(e.g., for detached bungalows and condominiums) had even dropped below
long-term averages. Nonetheless, for some of the hard hit areas of the
province, such as Windsor, St. Catharines and London the healing process
might be long and difficult.

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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