Property

The uncertain economy over the last few months has had a drastic effect on the real estate market, which has seen local listings reduced by 1% a month for the past seven or eight months, said David Nicholls, broker and owner of Prudential Lifestyles Real Estate on Coldwater Street.

Real estate agents tell you it's a good time to buy a home, with prices dropping. But its not a bad time to rent a condo, either

Nevertheless, the 18-29 age group remains the most eager to buy an apartment.

Realtors feared the global recession might undermine the real estate sector's prospective growth unless special initiatives are taken, although the sector began to expand after a two-year sluggish trend when its growth slowed to 7.05 percent in 2006-07 from 8.31 percent a year earlier.

With another official cash rate cut expected next week, experienced and less-seasoned property investors are looking at the housing market and seeing more reasons to buy.