It will be interesting to see what the next 2 to 3 months brings as this is typically our strongest part of the year, the "Spring Market!"As our market continues it's variable ride. It appears that our local economy is staying afloat and not crashing as some would think it has or is about to.
Actually, the average price rose just over 5% in the GTA for the month of February 2009 compared to January. This is some good news and may indicate that the market is firming up somewhat.
My personal observations of the GTA marketplace and especially for the downtown core is that prices are firming up somewhat, meaning that they are not dropping the was they were in the last quarter of '08 and the first two months of this year. Prices and sales are still soft, but the market seems to be much stronger than it was in the preceding 6 months.
*Below is an interesting article I read in the Globe and Mail this morning -worth reading if you are thinking of buying this year. Many GTA Realtors believe this is a sign of things to come to the GTA and the buyer's market will be short-lived due to historical low interest rates, immigration, government incentives, first-time home buyers taking advantage of the market and a signifance increase in smart investors.
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KERRY GOLD -Globe and Mail Update - March 13, 2009 at 10:34 AM EDT
First-timers drive a rebounding market.
'Vancouver detached house prices are the lowest they have been in two or three years,' say one couple convinced that the time is ripe to purchase! 
Judging from the many shoes littering the front porches at open houses in recent weekends, it's clear that people are back buying houses.
Without a doubt, the market has picked up, and we're barely into March. It's a far cry from the abysmal real estate market of last fall and January this year.
According to the Real Estate Board of Greater Vancouver, residential housing sales were up 94 per cent last month compared with January. That translates into 1,480 sales for the month of February alone. January, on the other hand, was a record-setting sluggish month - the slowest for housing sales in 25 years.
The growth defies the sky-is-falling pronouncements that have made headlines since September last year. But there is a growing perception that it's a buyer's market. A recent RBC/Ipsos Reid poll revealed that 26 per cent of B.C. residents surveyed believed they would purchase a home in the next two years, despite the view that house prices will continue to fall over 2009. full story
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