Proxy Hulk Blog

What a roller coaster the year 2009 was for the real estate market. Buyers in the first half of the year were hunting for bargains and negotiating hard but in the second half the year, the tables turned and it became once again a seller’s market. Most of the districts in the Greater Toronto Area reported a price appreciation in 2009, however, 27% of them did not recover the price level for single detached homes seen in 2008. Most of the neighborhoods that saw prices softening in 2009 where high-end pockets mainly located in the Toronto central core.  These areas where slower to recover once the market regained momentum. Leading the charges for price appreciation were east end areas such as North and South Pickering. This was mainly caused by the greater affordability of east end neighborhood where a family can still purchase a single detached family home under $400,000. In the west end, Mississauga MLS listings increased in value across the board. Particularly hot pockets were Applewood/Rathwood and Port Credit where prices climbed almost 7%. In those neighborhoods, a buyer would have to spend on average $505,000 and $614,000 respectively. At the beginning of the year, most homes that changed hand were under the $400,000 price point indicating that first time buyers were driving the market. By the end of the year, this situation had changed. In fact, almost three quarter of all the homes sold were above that price point. Experts are anticipating this upward trend to continue in 2010, with moderate gains expected across the board.