There's lots of speculation in the media, banking sector and real estate industry as to the direction of Toronto's real estate market. Overall, the Canadian market is showing signs of slowing down but what direction is Toronto's market heading? The next few months should be telling.
Midway through the first month of the fall market, sales are down compared to the same time last year (Sept, 1-14th). By mid month we're tracking a 23% reduction in the number of sales in the City of Toronto over last year, while prices have continued to rise, with the average price up 16% to $536,128.
In Toronto's condo market, an area of concern for policy makers and the Federal government, sales decreased by 32%, but the average price increased by 5% to $352,851.
Check back for a review of full month sales results.