Toronto area home prices extend slide - Can I call you today?
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Greater Toronto Area Report August 2017, Steve Moran, Remax
Home prices continued their slide in the Toronto area in August, driven by falling demand for detached houses even as condominium prices climbed.
The average home in the Greater Toronto Area sold for $732,292 in August, a 20.5 per cent drop from the market's peak in April.
Compared to a year ago, the average price for a home in the GTA is up just 3 per cent, which means a four month drop in prices since April has eroded almost all of the gains the Toronto market recorded late last year and earlier this year.
The condo market, meanwhile, is insanely strong. The average condo price jumped 21.4 per cent in August compared with the same period last year. One reason for the popularity of condos is that they are still relatively affordable compared with a single-family home.
The number of new listings last month was the lowest for an August since 2010. This suggests that many potential sellers are moving to the sidelines while waiting to see if home prices recover in the fall.
In my view, if some buyers move back into the marketplace, acceleration in price growth could result if listings remain at current levels.
Thanks for watching, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.