If you are thinking of selling or buying in 2008 RE/MAX has put together an affordability report for most major Canadian cities, in particular the GTA, Oakville and Burlington. The following is a excerpt from the report.

GTA Market

'Despite higher land transfer costs, property tax hikes, and a shortage of homes listed for sale, fi rst-time buyers continue to persevere in the Greater Toronto Area. With average price approaching $400,000, however, options are growing increasingly limited, especially for those dreaming of owning a detached home...'

Burlington and Hamilton Market

'While first-time buyers are cautiously optimistic, rising housing values have caused some concern in Hamilton- Burlington this year. Average price continues to spiral upward, approaching $280,000 year-to-date. Overall market conditions remain quite strong,given favourable aff ordability levels. Sales are only off slightly from last year's record pace. Weather has also been a factor, with one of the worst winters for snowfall in decades. Inventory has also been a challenge. Although the supply of homes listed for sale is up 11 per cent across the board, product in the lower end remains tight. Sales of quality homes-priced between $150,000 and $250,000-are quite brisk, with most selling for close to list price...'

Click here for the Full Report Including market conditions in most major Canadian Cities