Toronto Home Prices Take a Tumble

Latest Videos

I can't say I'm shocked by the news today indicating that home prices in the Toronto area have fallen for the first time in a decade. There were plenty of signs of a softening earlier this summer as conditions shifted from a seller's to a buyer's market. Bidding wars ceased and houses were (and are) sitting on the market for weeks if not months.

Looks like our own irrational exuberance has caught up with us and combine that with a tightening credit market and the subprime mess and all indications are the worst is yet to come.

Some key data released today revealed:

* In the city of Toronto, average prices fell 6% to $393,647 from 2007's $420,182.
* It now takes longer to sell a home, now an average of 36 days, up from 31.
* In terms of volume of transactions, sales were down 11%.

Ouch.

Photo by Chuck Khan on Flickr

Latest Videos

Join the conversation Load comments

Latest in City

Driver accused of crashing Bentley at Ontario police station while impaired

Toronto's constantly-broken public garbage bins are getting high-tech new replacements

Pearson Airport is seeing more Ubers than ever and Toronto drivers are raising alarms

Ontario college president sued for calling another college president a 'whore'

Ontario to start discouraging employers from asking for doctors' notes to prove illness

Secret walled-off staircase is all that remains of long-lost Toronto train station

Toronto's most cursed intersection appears to finally finish years-long construction

Ontario temperatures about to spike and it will feel like 30 degrees this weekend