The media and bad press from the US has had a rippling effect on our own Canadian Real Estate Market. Everyone, myself included, has been glued to CNN, eating up everything the news has to say about the US "recession". People are nervous and waiting to see what's going to happen. The old supply and demand rule has come into effect. Demand is low right now in Canada therefore supply is up which results in more houses on the market, more houses for buyers to choose from and more price reductions for sellers to stay in the game. In October the average selling price for homes was down: 11% in Dufferin, 5% in Caledon and 9% in Orangeville. The statistics don't state everything though. Houses have been taking longer to sell lately so not as many houses have sold, the stats are taken from fewer sales thus making the average less reliable. The 2008 year end figure should be more accurate. I will keep you posted. Some properties are selling. Some still sold within the first week of being listed. Interest rates are phenominal. There are tonnes of well-priced properties and houses to choose from right now and the sellers are getting motivated. Now is a good time for all buyers. It is a buyer's market!

If you have been considering home ownership or wondering what your house is worth in todays' market, give me a call. No pressure, no obligations, just a real estate market chat.

  Statistics from Toronto Real Estate Board and Market Watch.