The Canadian Real Estate Association ( CREA ) said in a recent forecast that the volume of homes sold across Canada have even further to fall but will stabilize in 2010.

CREA reported MLS home resale figures fell 17.1 per cent in 2008  and projects a decline of 16.9 per cent to 360,000 units sold this year. The report expects Ontario, Alberta and British Columbia to lead this decline, taking the national sales activity to the lowest level since 2000.

Cautious homebuyers and mortgage lenders mean active listings will take longer to sell in 2009 compared to previous years.

Home prices in Toronto will increase in certain areas of the city and with declining Condo starts will likely result in reduced inventories of unsold homes.

The Toronto Real Estate Market should start to show some positive sales numbers once the month over month statistics reflect a more stable market other than the record sales year of 2007.