Despite the economic crisis, New York Home prices held up in the fourth quarter according to four of the biggest Real Estate agencies.

Remarkably, these four Real Estate agencies showed New York Condos and co-ops  sold during the three months ended Dec 31 actually increased compared to a year ago. So much for the Toronto Land Transfer Tax that has affected the Toronto Real Market in a very negative way.

The Real Estate Market analysis feel that the fourth quarter did not reflect the full results of the Market turmoil(the world financial crisis) and that could be seen in the first quarter of 2009.

In the New York Real Estate Market there is now a disconnect with buyers holding out for better deals and sellers still seeking higher prices paid at the height of the market.

Now a year and half into the world wide crisis we will have to wait and see how our Toronto Real Estate Market holds up in 2009.

Toronto Condos are still coming onto the market and most were pre sold up to two years prior so their numbers and prices will definitely have some bearing on new Toronto Real Estate statistics in the future.