Toronto!!! What’s going on? Scanning the Financial Post I could not believe what I was reading, prices have fallen for detached homes in and around Canada. The report suggests that Toronto, Canada’s biggest city, fell 46% in March from the same month exactly a year ago, while the average detached home price fell 17% down to $1.01 Million. (Statistical data retrieved from Toronto Real Estate Board)
With this amount of price drop being indicated, I will not be surprised if this trend will follow in Vancouver. In addition to the percentage of drop that has occurred, the average selling price has been brought down for all types of housing by 14% from a year earlier to $784,558. This is being recorded as the largest drop since 1991.
So what will happen to the Vancouver and Fraser Valley market? Well it’s still early to tell as to what will happen and will only be speculation at this point until changes start to occur here.
Want to read more? Follow the link here to the original story.
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