The Growth Of The Etobicoke Real Estate Market Looks Strong
Back in 2008 sales in real estate across Canada all but dried up as people became very nervous about the state of the economy and how secure their jobs would be. Even though mortgage rates where still falling it was getting harder to obtain a lenders approval. Fast forward to the end of 2009 and the exact opposite has occurred with the market seeing record levels of sales and prices continuing to climb. This is great news for both buyers and sellers in the Etobicoke real estate market and for the rest of Toronto but can it continue into the future?
Well a recent report about the housing market is predicting that it will continue and may even grow. There is a lot of momentum that will carry over from 2009 into 2010 which is most likely due to the record low cost of borrowing. These low mortgage rates are not expected to change until at least the the middle of the year. While the economy may be turing around no one at this point whats to do anything drastic that could have negative consequences.
There is also quite a bit of pent-up demand still. Many sellers where concerned that prices would be depressed and did not put their homes on the market. This resulted in low inventory and buyers who were in the market had to fight over the few good properties. As sellers reenter the market it should ease the price wars a bit and bring the market to a more normal state which is good for everyone.
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