This should be invisible

Toronto Home Prices

Toronto Home Prices Take a Tumble

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


Join the conversation Load comments

Latest in City

Video shows someone riding their tiny scooter on a busy Toronto highway

Toronto business out $50K after same couple breaks into string of rental shops

Almost 100K pieces of plastic trash removed from Toronto harbour in just 4 months

Toronto school bus falls into 10-foot sinkhole

Ontario is currently hiring for a ton of positions that make around $100K

Man arrested for hitting nine different Toronto banks during armed robbery spree

Toronto cop taking heat for arguing with random strangers on social media

Blow-up dolls confuse and delight TTC riders on random Toronto subway trains