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.
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