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.
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%.
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