It's welcome news for prospective buyers hoping for a better price. But as the busy fall season nears, realtors and economists are at odds over how long the pricing slide will last and how low it will go.
When pandemic lockdowns began in March 2020, the Toronto Regional Real Estate Board said the average home price in the area -- one of Canada's hottest -- sat at $902,680. Last month, it was $1,074,754, a one per cent hike from July 2021, but a six per cent drop from June 2022. "That said, we still believe home prices will end 2023 above pre-pandemic levels nationally and in all 10 provinces."
Much of the shift is attributable to mortgage rates, which mirror fluctuations in interests rates and can eat into buying power.
You guys might want to stay away from comments from realtors. They have an incentive to get people to buy now. Housing market in a free fall. Wait till February and reassess then
We can expect Blackrock, the financial arm of the WEF to scoop up foreclosures and we will be on the path of owning nothing and being happy about it!