July 16, 2008

Here is a link to Scotiabanks report issued May 15, 2008 on Real Estate Trends.  It is an interesting read, but keep in mind it deals with statistics from across Canada.  Even in the GTA some regions are doing better than others.  Downtown Toronto's condo market is very healthy, with demand out striping supply in most sought after buildings.  North York, East York and South Etobicoke are also doing well.  Scarborough is doing less well than the other areas, but it is also holding it's own in it's most demanding neighborhoods.  My concern is for the areas such as Oshawa and Brampton because these areas are very dependant on manufacturing jobs, which is having an impact on their real estate markets.  What does all this mean?  In my opinion, in means the sky is not falling, and if you are looking to buy a home with limited budgets, then look at Oshawa and the surrounding area.  If you are looking to buy in Toronto proper, then you can't be overly picky and you must be well qualified for your mortgage.