Median detached house prices within the city of Toronto have been plummeting. In April 2012 the median was $656,000. This month it is $577,250. That's a decline of $79,000 or nearly 14%.
Detached for all of the TREB region ticked up slightly this month, but is still down 6% or $35,000. Imagine if interest rates normalized.
Total sales down 12% from a year ago, matching Vancouver's falling sales trend. Average was up, if you want some soothing news to go with your charts.
I've added Toronto to the Canadian City Price Peaks and Declines
On the condo front, things continue to slide.
The potential losses for speculators in condos, per unit, is not all that high in comparison to, say, Vancouver Richmond or West Van. From Shiller's interview on BNN (hat tip: VREAA). Corrected for inflation, condo prices Boston, Toronto:
Since 2000 the prices have risen 60% (20% of it in the last calendar year). Not extreme, but given the anecdotal stories of investors buying 3, 4, or even 5 at a time, many investors may have similar exposure as a Vancouver speculator holding only one property. The scale of risk may actually be the same.
For those keeping a scorecard, a 60% overvaluation is corrected by a 37.5% decline.
Detached for all of the TREB region ticked up slightly this month, but is still down 6% or $35,000. Imagine if interest rates normalized.
Total sales down 12% from a year ago, matching Vancouver's falling sales trend. Average was up, if you want some soothing news to go with your charts.
I've added Toronto to the Canadian City Price Peaks and Declines
For those keeping a scorecard, a 60% overvaluation is corrected by a 37.5% decline.
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