Based on the
TREB report for June, the Toronto City Detached house price median (which isn't usually terribly stable) has declined more than 5% from May, 6.5% from April. Here it is in chart form:
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| Chart of Toronto House, Condo and Townhouse prices |
TREB detached overall is down 2.5% since April or $13,000. If the decline continues next month, I'll add it to the
Canada Cities Price Peaks and Declines page
Prices in Durham continue to rocket upward, which may be a substitution effect. Buyer perception of "reasonable" prices and unaffordable extremes drive them into purchasing a substitute, and in doing so push the price of the cheaper substitute good upward.
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| Chart of Toronto Condo Prices |
2 comments:
Durham's a suburban wasteland with a Nuclear power plant, aging GM auto plants and a couple of light years away from downtown Toronto. Fools who are paying above asking prices in Pickering and Oshawa will be paying for their folly for a lifetime living in the worst areas of the GTA (except perhaps for Brampton)!
Given the price variance I assumed it was undesirable. I track it because it has a lot of transactions per month 6k+ Which means it's relatively smooth month to month.
People believe buying lower is safer, and the relative price is "cheap", but you can still lose your entire downpayment no matter where you buy right now.
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