Real estate analysts met with a crowd of agents Monday at an annual conference to discuss the challenges to Toronto homeowners and builders.
"We can expect a slowdown in 2009 and it's going to be a rocky road, but in 2010, it's gong to start to go back," Coldwell Banker President Gary Hockey said.
The result will be a more balanced market, the experts agreed.
Whereas it's been a seller's market for the last couple of years, real estate analysts predict that as the economy continues to weaken, people looking to buy a home will find more options on the market and at deflated prices.
"We're actually in a balanced market," said Phil Soper, president and CEO of Royal LePage. "We haven't quite moved into buyer's market territory yet."
Analysts in the condominium industry say they're worried what effect the slowdown will have on projects that are in the midst of being built.
