Do Toronto denizen have a clue how to survive the crumbling housing market?
The month of August marked the tipping point for Toronto real estate, and the rules of the game are now changing beneath everyone’s feet. After more than twelve years of rising real-estate values in this city, prices dropped in August by one per cent, from an average of $381,681 to $377,990. The September figures, were even worse, with prices falling six per cent from of an average of $420,182 last year to $393,647. More telling, total home sales for August fell by 22 per cent, from 8,059 last year to 6,318 this year, and the total number of listings ballooned, from 19,145 to more than 25,000. The decline continued in September, though not as sharply. Homes sales were down 11 per cent. This new market reality isn’t just an economic shift, it’s a cultural one as well, and everyone involved in real estate – from buyers and sellers to house-flippers and home stagers – will have to adjust. Real estate almost everywhere in Canada has enjoyed sustained rising prices, but in Toronto, market f
