An Economic Overview Of Toronto 2009

The Toronto real estate market appears to be taking a hard hit of late. As we are all very much aware of the global economic uncertainty, coupled with job insecurity has pressed down the brakes even harder. Except braking on ice seem to make the movement go faster. Okay let’s put some things into perspective moving forward into the new year which is expected to have a positive impact on the Toronto housing market.

1.       The Bank of Canada rate has dropped to it’s lowest in 50 years making it very attractive for buyers.

2.       A lower Canadian dollar makes our exports more attractive to our overseas partners.

3.       Federal bailout is in the works for manufacturing. Other provisional measures will also be available.

4.       Our political leaders appear to be moving in the right direction in working together.

5.       Employment in the Toronto GTA area appears to be holding steady.

6.      Population in Toronto GTA areas will continue to grow through migration with an expected 60,000 expected to arrive in 2009.
In conclusion the Toronto housing market has gained equity steadily in conservative increments in the past ten years unlike western Canada and many areas in the USA where equity gains were skyrocketing in a very short period. Yes, we may be in for a bit of turbulence for the next two to three quarters of 2009 but we should be riding smoother thereafter.

written by Savio Vaz       Back To blog