Durham Market Update

If you have read a newspaper, listened to the radio or watched the news recently you already know that the real estate market in the Greater Toronto Area, and in many other parts of Canada slowed during the latter part of 2008. We have noticed higher listing inventories, a reduced number of sales, and a small downward adjustment in values.

Is this all bad news? We don’t think so. Our phone has been busy with first time buyers who are recognizing the current market as the best opportunity in years to become a homeowner. These market conditions also favour those who wish to “move up”. If you are willing to price your home in line with market conditions, you should expect to make up the difference and more in the home you buy. In other words the dollar differance or the amount you have to increase your mortage by to make the “move up” is smaller today than it has been in some time.