Many are concerned about the slowing economy and its effect on real estate. Making sense of the huge quantity of real estate information and analyses sent our way can be a real challenge.
Always keep in mind that the real estate market is local in nature. Consider a 3-bedroom bungalow in North Etobicoke versus a 1-bedroom condo Downtown: although both properties are located in Toronto, each will attract a different set of buyers coming from different economic circumstances. The supply and demand for both these properties are influenced by general economic conditions (such as mortgage rates), but they are also very much influenced by local conditions: is the neighbourhood population growing or shrinking? Are new properties being built? What are the local business conditions? These are just some of the factors that will impact the value and volume of real estate transactions in each neighbourhood.
For real insight into the market, it's a good idea to talk to a Realtor that focuses on your neighbourhood of interest.
