House prices in Toronto are Finally Going Down

Posted July 26, 2017 07:00

The Toronto real estate market may be starting to cool down. Signals, such as a decline in sales and an influx of new ads, point to a market that is not as hot as it was a year ago.   While prices have not really fallen yet, studies show that the rate of increase has dropped significantly during the last month, which could mark the beginning of a more lasting trend.   These studies cite data from the Toronto Real Estate Board (TREB) that says that in the first two weeks of June, home sales continued to fall. And, compared to June 2016, prices raised only 6.7% for all types of housing (compared to 17% last year).   There was a 22% increase in listings, as more homeowners sought to sell properties.   If the trend continues, the Toronto market could see property prices decline for the first time in years. Keep in mind, however, that other data sets are not so grim.   Given the circumstances, it would be the best time to invest in real estate. Do not hesitate to contact me if you are in the search for your dream home or if you want to get professional advice before investing your savings on a property.