Well, in the span of just twelve months the market is unrecognizable. We have seen average sale prices in Toronto fall by $238,445, representing a 17.9% decline.Article content
How else to explain the fact that Brampton, for example, has seen prices in absolute free fall, while the east end of the city has mostly held out? Some pockets have seen inventory surge, subsequently driving down prices, while others are holding strong, average sale prices barely affected thanks to so few transactions.Article content
For example, while this month’s stats illuminate the ugly reality of the last year, they also capture a very clear bump in consumer sentiment recently..The data shows us that February brought with it the first month-over-month increase to average sale price since the rate hiking cycle began last March. At just 1.1% it’s small, but it’s hardly insignificant in that it adds some credence to the anecdotal reports from the ground of buyer sentiment having improved out in the marketplace.
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