We have been pummeled with bad news about the worldwide economic crisis and the tumbling real estate market for months now. However, it turns out the market isnt' that bad after all! When all the 2008 numbers are added up, MLS sales in the GTA will be the sixth or seventh best year in history. The Canadian Mortgage and Housing Corporation forecasts 75,000 sales in 2009, a very strong number.

       We have also recently been exposed to a very positive news forecast. It was stated in the January 6th, 2009 edition of the Globe and Mail that "average Canadian house prices will fall another 3% in 2009, but the drop will add up to a 'correction', not the sort of 'crash' that has crushed the U.S. market". This published report has gone a long way to stimulate the housing market, particularly in Toronto.

       It is obvious that the correction in our housing market has been happening for quite a few months now. However, the past GTA statistics prove that a correction is absolutely necessary. The average GTA price in 1998 was $216,815. In 2007, the average was $376,236 and in 2008, it was $379,583. Although the average price has only increased 1% over the past year, it has increased a whooping 75% from 1998. So, with the end of the market boom, comes a great chance for Buyers looking to get into the market.

       The big five chartered lending institutions within Canada have also done a phenomenal job securing our market. They have consistently done their due diligence over the past 8-10 years lending only to bonafide clients. This act alone will put Canada on the map for the top lending institutions in the world!  Therefore, it is a calm and fair time to be in the marketplace. This positive outlook on the market has provided the confidence for many to make their desired move in the Real Estate market today.