Toronto Housing Prices Collapse - Down 15% from Last Year
Ouch. Yesterday the Toronto Real Estate Board released the latest sales figures for resale homes in the Toronto area and the stats aren't pretty. Year over year, home prices in Toronto have fallen a Florida-esque 15% from $441,878 this time in 2007 to $375,804 for the first two weeks in October.
Now, what some will likely suggest is that the number of homes being sold on the high end of the price scale has declined, bringing down the overall average. But nevertheless, it's a drop worth noting and just the latest sign that the Toronto housing market is in trouble.
According to TD Economics Strategist Millan Mulraine - "We expected things to moderate, but when you see double-digit declines like that then the market is moving downward much faster than anticipated."
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