According to a recent analysis by RE/MAX of 63 districts within the real estate for sale Toronto, 57 per cent reported price appreciation of less than five per cent in 2009 and detached housing values in 27 per cent of districts remained slightly off 2008 levels. Sixteen per cent of districts recorded an increase in average price in excess of five per cent.
Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada said that there is simply no evidence of a housing bubble in sell real estate Toronto. The expected surge in average price did not occur with sales increasing considerably over one year ago and supply was tight in many of the city’s hot pocket areas. Buyers remained cautious in their pursuit of homeownership with most unwilling to overpay for the privilege.
Those districts in home sale Toronto market which saw price decline in prices in the detached housing category saw prices fall by more than two per cent were primarily upper-end neighborhoods—the vast majority located in the central core—which were slower to rebound once the market regained momentum. Home sales in all of these areas posted double-digit growth by the year-end, a fact that clearly indicates a greater number of transactions at the lower end of the price spectrum.
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