Toronto Market Down Again!!!
The Toronto real estate market continues to fall.
One full month in decline!
Down but not Out.
Toronto Market Hot as Ever.
These are all various headlines that would work. They can all be supported by the statistics released by the Toronto Real Estate Board.
Here are the average house prices recently reported:
$590,132 15 May
$585,204 31 May
$582,100 15 June
So, it doesn’t take much to figure out that the prices are moving down not up. The Toronto Real Estate Board talks about prices on a “year over year” basis. That means June 2014 compared with June of 2013. Actual sales were up by 11.3% and average prices were up by 8.6%. A year ago the average price sat at $535,865.
I think it’s important to have all the numbers available and that will help you spot trends early, before others have taken notice.
Our immediate conclusion would be that the Spring market peaked 15 May and we were headed downhill after that. However, that’s not that much of a market trend as it is just part of the regular market cycle. Prices track down in June, July and August. And, we will be looking at an upswing in September.
How far is the dip?
We will be trending down about 7%. We are a little over 1% at the moment, so we still have a way to go yet.
Brian Madigan LL.B., Broker