Without a doubt the Toronto real estate market has slowed. According to the Toronto Real Estate Board during the first 14 days of February, 2044 homes were sold, compared with 2775 sold last year during the same period. This represents a decline of ~26%.
In terms of prices, the current average home price is $400,467 in the City of Toronto, versus $434,914 at the same time last year, a ~8% decline.
What is interesting is the pace of decline is slowing, and I expect the next two months to show an increase in sales. I see this on the street, and that some properties I showed last week for example, have sold. There are always people who need to find a home, for various reasons.
If you are thinking about buying, you should be looking now. If you want to sell and your property is priced right, you should get healthy buyer interest.
George
Join our Facebook page
Follow us on Twitter
Rate us on Google Maps
Connect over on LinkedIn
Venkat,
Thanks for the feedback. I would think your business is busy these days.
Cheers,
George