View looking north west from King St. East and Berkley St.. Condominiums and those under construction in Toronto, are photographed on Jan 30.As just one sign of the erratic performance of Toronto’s real estate market, the action in a sought-after midtown condo building has suddenly cooled.
For a time, the threat of further interest rate increases was causing anxiety but – after recent dovish comments from central bank Governor Stephen Poloz – economists predict the Bank of Canada will remain on hold. Another factor holding back sales in Toronto may be the dearth of new listings. Buyers who see little choice in the market may wait until more properties become available.In March, new listings in the Greater Toronto Area dropped 5.1 per cent from the same month last year.
The average price of a detached house in the 416 area code of Toronto has fallen 20 per cent from the high water mark of $1,578,542 set in April, 2017. In March, the average price of a detached stood at $1,267,598 in the 416.
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