Toronto housing market shows signs of recovery
Last Updated: Friday, April 17, 2009 | 2:21 PM ET
CBC News
There are signs that life is returning to Toronto's depressed real estate market.
Numbers released Friday show only slightly fewer homes were sold in Toronto during the first two weeks of April 2009 compared with April 2008.
There were just under 1,500 homes sold in the first half of the month — or about one per cent fewer than the same two weeks last year.
"In lock-step with the favourable March results, resale housing market conditions in the first half of April were markedly improved compared to the winter time," said Toronto Real Estate Board president Maureen O’Neill in a prepared statement.
But at the same time, the value of homes in the city has been slower to recover.
The average home price in Toronto is just under $413,000. That's about $40,000 less than a year ago.
Real estate agent Richard Silver predicts home prices will recover during what he thinks will be a busy but "sensible" spring housing market.
"A year and a half ago you had to make an offer unconditional. You had to feel rushed," said Silver. "Today people are taking more time."
Jason Rootenberg and his wife Jen think this is the perfect time to buy a house in Toronto.
Tired of renting and with prices dropping, Rootenberg figures there are deals to be had because of a combination of low house prices and low mortgage rates and he's prepared to move fast.
"If something is priced right, in the right area, it's still going to move very quickly," he said.
