Canadian homeowners will have to wait until next year to see Real Estate prices start to increase according to Century21 and Royal Royal LePage Real Estate Services Ltd.

The spring market is encouraging but after the normal summer lull the fall market will depend more on the economy and most important, consumer sentiment.

We have in place the main drivers of Real Estate prices:

• Home prices are lower and more affordable
• Mortgage rates are the lowest in years
• Jobs in bigger cities like Toronto are still strong
• Immigration is still strong
• First time buyers are very strong in this market

Lower interest rates and a buyers market across Canada helped spur an increase in sales in February, March, and April this year even though there was concerns of rising unemployment.

Comparing the Toronto Real Estate market  and the Chicago Real Estate market we see some big differences when we compare the level of prices in similar cities.

The average Toronto home price was $394,099 down 4 per cent and the median price was $325,000 down 2 per cent from March 2008 to March 2009. In comparison the average Chicago home price was $249,90 down 34 per cent and the median price was $180,00 a drop of 39 per cent in USD.

The Toronto Real Estate Market has slowly increased in sales so far this year and the average price of homes in comparison to last year are heading out of negative territory to more acceptable market conditions despite the recession and political taxation, the proposed HST and the City of Toronto Land Transfer Tax.

Updated  Toronto Real Estate Statistics can be found on our Toronto Real Estate website under Marketwatch that includes  Toronto Home and Condo listings and prices.

Related Posts:

Toronto Real Estate Springs Forward In February

Toronto Home Sales And Prices Decline Slowing

Toronto Real Estate Prices Stronger