Strategists see silver linings in housing reports, but the long-term forecast is anything but clear

(Source: Toronto Star)

There are signs of hope in the Greater Toronto Area for the key spring existing home market as sales have started to recover from a steep sales downturn.

The Toronto Real Estate Board reported 6,171 sales in March yesterday, still down 7 per cent from March of 2008, but cause for some joy for realtors since it represents the smallest year-over-year decline in the past five months – in other words, since the economy took a historic turn for the worse.

“While the GTA economy and housing market have weakened sharply, the resale housing market does not show signs of panic,” housing analyst Will Dunning said in a report.

“If this relative calm is sustained, it will limit the fall in home values and reduce the consequent economic damage.”

Read Tony Wong’s full article “GTA real estate market still a puzzle” in the Toronto Star (April 7, 2009).

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