For Buyers in Real Estate, January 2009 is proving to be a good time to buy. Interest rates are dropping as seen in this Canadian Press clipping:
(Bank of Canada chops key interest rate to historic low to combat recession
3 days ago- 20 January 2009
OTTAWA The Bank of Canada slashed its key interest rate to the lowest level in history Tuesday, pronouncing the country has fallen into recession and needs help to recover.
The central bank cut the trend-setting overnight rate by one-half point to one per cent - below the previous policy rate low of 1.12 per cent in 1958 - while drastically revising downward its view of economic performance this year.)
TREB, Toronto Real Estate Board had this to say on, January 19, 2009:
According to Statistics Canada the economic situation throughout Canada changed noticeably over the past year with job losses in the fourth quarter of 2008. Toronto is not immune to this, the GTA housing market has been
impacted, according to TREB President Maureen O'Neill.
The average GTA price mid-way through January is $332,495 from $367,574 during the same
period in 2008. The median GTA price was $301,000 compared to 316,000 last year. While
sales have declined, listings have remained high. GTA home buyers have benefitted from more
choice, explained Ms. O'Neill. Historically, increased choice in the marketplace has equated to
a moderation in price growth.