Luxury Waterfront Condos
Royal Lepage, a leading real Estate company forecast in its latest survey that the 2009 national average home price will be $297,500, down 2 per cent by year end.
It is also forecasting a 1 per cent drop in unit sales.
They went on to say that Canadian home resales took a beating in the first quarter when recession fears were at their worst and Canadian consumer confidence at its lowest.
There is a big change now in the Toronto Real Estate market with record sales for the month of June and many Toronto Condos and Homes selling for more than asking price.
Lepage goes on to say the turnaround in the second quarter Real Estate Markets, ”is really quite remarkable.”
Weaker sales conditions are to be expected in the fall, but a healthy level of activity is forecast for the second half of 2009.
Prices across Canada will vary:
- Calgary average price-$386,000 down 4.8 per cent
- Edmonton average price-$317,500-down 4.6 per cent
- Vancouver average price-$560,000 down 5.7 per cent
- Toronto average price-$374,400 down 1.5 per cent
Low mortgage rates and leveling unemployment have helped the Canadian Real Estate market return to a more even keel, Royal Lepage said.
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