Saturday, January 2, 2010

GTA real estate winners and losers

Home prices keep rising but not all held their value through the meltdown

A warm front continues to blow across the GTA housing market, taking much of the chill out of recessionary real estate shivers of the past year.

November resale values gained an average of 13 per cent compared with a year ago, more than compensating for the 3.9 per cent median price drop in the fall of 2008, after the U.S. housing collapse shook stock markets around the world.

That 3.9 per cent is significant in a market accustomed to annual gains of 5 to 8 per cent over the past decade.

But that's only part of the story. A closer look at the numbers shows prices in many neighbourhoods – including Toronto's upscale Bridle Path, Rosedale and Forest Hill – are lagging their lofty 2007 heights, not to mention the gains experienced by their lower-scale neighbours.
Published on Friday, January 1 2010

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