Prior to any relocation, whether it's from Leaside real estate in Toronto to the next neighborhood over or all the way from Madagascar to Philadelphia, Pennsylvania, you should always make an effort to find out exactly what you're getting yourself in for. You should know how much you can expect to get for your old house, what that money will buy you in your new city, and how much the relocation costs will be. While we can't deal with much on your end, we can tell you what the market conditions will be like when you arrive here in Philadelphia.

Philadelphia's real estate market took a significant hit when the sub prime mortgage crisis hit in 2006 and the slow downward spiral continued into 2008 as the recession took its toll all over the United States. During that time, prices dropped markedly in Philadelphia, real estate in Toronto suddenly became a lot cheaper, and the bottom fell out of the market in Santa Rosa, California. Those years were bad ones for most North American markets, but 2009 and 2010 have been years of some improvement for many cities, Philadelphia among them.

As of the spring of 2010, Philadelphia's average price per square foot and median sales price had both seen increases of 32% and 20% respectively over their values from the same time last year. This means that the market is in recovery, so buyers looking to make the switch from Fishkill, NY homes should do so as soon as possible if they want the best price. We can expect the recovery to continue, which will gradually erode away the advantages buyers have been enjoying in Philadelphia for the past few years.

Alas the effects of the recession can still be felt. Although fewer people are trying desperately to unload their homes now out of an inability to pay their mortgages, we can still see the effects of the widespread foreclosure epidemic in Philadelphia, more so than in a home for sale in Paris, Ontario. There are over 6,000 homes in Philadelphia that have been foreclosed upon. The average listing price for a home in the city is around $288,000, but by buying a home in foreclosure or pre-foreclosure, you can make a significant savings.

Prices in the city vary widely between neighborhoods, though on average, you'll be paying about $130 per square foot for a home. You can afford a house in popular Philadelphia neighborhoods like Manayunk or Kensington with the same budget you would set aside to buy Square One Condominiums in Mississauga: $160,000 to $280,000. To buy into Chestnut Hill, however, you'll be looking at about $750,000, while up and coming neighborhoods like Belmont and Dunlap can accommodate those with budgets of less than $100,000.