John Pasalis in Toronto Real Estate News
While the real estate market may be crumbling out west, recent media reports suggest that Toronto’s real estate market is one of the more rational in Canada.
This week CIBC senior economist Benjamin Tal forecasted that house prices in the GTA will drop approximately 5%. Based on our Year to Date average of $387,080, a 5% decline would bring us to $367,726.
In Move Smartly's first poll, we want to know..
Love the poll. I`m a bit more optimistic about the market. Yes, Vancouver, Toronto, Montreal and Edmonton are the largest markets, and yes they are having some downward trends lately, but look at Saskatoon and Alberta, who were the first do go down and now are the first going up. What is happening now is temporary and far away from what is happening in the U.S. most of Canadian markets got revived after just a half year period so I wouldn`t worry much about it right now. It`s just the basics really. What goes up must go down. But after that it can go up again.
Elli
Posted by: Toronto real estate agent | August 16, 2008 at 06:42 AM
Looks like the general consensus of the poll is that a major correction is coming to the Toronto Real Estate Market. Most people I talk to at work are preparing for the worst. No surprise given the dismal state of the Ontario economy and the thousands losing their jobs.
Posted by: Toronto Professional | August 17, 2008 at 09:51 AM
Property prices have already dropped by 5%. But everybody keeps focusing on the y-o-y figures.
Torontonians seem very parochial when it comes to understanding property cycles.
Posted by: Truth or Talk | August 17, 2008 at 07:03 PM
What I want to know: Was is Toronto Real Estate Board (TREB) President Maureen O'Neill that voted for "There is no stopping this market"? LOL
Posted by: Don't buy it | August 18, 2008 at 04:09 PM