Residential real estate prices are expected to trend upward, but interest rates should remain stable until spring or later. Because of our great interest rates, even as prices go up the demand will still increase.

Toronto, Ontario -- (SBWire) -- 02/02/2010 -- The global recession brought job loss, bank closures, and the most volatile real estate market on record. As the world endured an economic crisis of unheard of proportions, the housing market experienced some severe lows. Although the Ontario market was not affected to the degree that British Columbia and Alberta were, buyers fueled by fear put the brakes on and caused a dip across the board. The good news? The light has appeared at the end of the tunnel. If 2008 was the year of the housing plummet, 2010 is the year of the real estate rebound.

There are many reasons for this optimistic viewpoint. MLS sales for Toronto have doubled from 888 listings sold in 2009 to 1749 home sales this month alone. This solid start to 2010 is also demonstrated in price of average homes. The median contract price in 2009 was $332,495. This number has bounced back to $395,307 in the first two weeks of January 2010.

In 2010, demand will far outweigh supply. The CMHC reports that housing starts had dropped in 2009 by 39%, thereby increasing the buyers desire to purchase a resale home. Those Canadians who wish to avoid the Harmonized Sales Tax, scheduled for implementation on July 1st, of 2010, will also fuel the resale market.

Residential real estate prices are expected to trend upward, but interest rates should remain stable until spring or later. Amanda Cluett of http://www.bestmortgagerates4u.ca in Toronto, Ontario has seen a huge increase in consumer interest due to low mortgage rates. “The drop in housing starts in 2009 has resulted in an increase in demand on the part of the buyers. You can now receive an interest rate as low as 3.99% on a 5 year fixed term.” Cluett continues, “Because of our great interest rates, even as prices go up the demand will still increase. 2010 will truly be the year to get out into the market.”

Cluett also has a word of advice for new buyers purchasing real estate in 2010, “It amazes me how many people will approach their banks head on and try to negotiate their mortgages. The beauty of working with bestmortgagerates4u.ca is that we have access to over 100 lenders, including private lenders.” The bonus to the buyer is that when going to your Ontario mortgage broker they have many more ways to get you qualified and getting you the best rates available.

Working under the umbrella of Trillium Mortgage, Amanda Cluett has many years of experience working with families to ensure that they receive the best rates possible on their mortgage. As the housing market in Ontario begins to turnaround in 2010, watch for your Ontario mortgage brokers up to the minute information on the market fluctuations and best rates.