According to TREB president Maureen O'Neill:
"Moderated housing prices combined with low interest rates could present excellent long-term investment and homeownership opportunities in the GTA housing market," noted TREB President Maureen O'Neill.
Greater Toronto REALTORS® reported 2,670 sales in January 2009 compared to 5,075 in the first month of 2008. (47% down)
The average home price in the Greater Toronto Area was $343,632, compared to $374,449 last January (8% drop).
The median price was $303,000 compared to $319,000 last year (5% drop).
Given that we are not facing an early-1990s-style affordability crisis, the rebound in the housing market will likely be quick once economic recovery takes hold," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.
Real estate blog - http://www.torontogreathomes.com/MARKET_NEWS_BLOG/page_1863898.html