GTA Resale Home Prices up last month…and market expected to pick up this fall
Oct 5, 2010
October 5, 2010
Home prices are still on the rise in the GTA. According to the Toronto Star:
The median price of a home [rose] to $360,325 from $347,000 a year ago…The average price also climbed, to $427,329 from $406,877 a year ago.
But that’s not because more people are buying home. In fact, sales volume has fallen 23 per cent since September 2009. So basically the market is leveling out after going crazy for a year. Prices aren’t dropping because listings have fallen in tandem with demand. That means the market is likely in balance.
So what’s to come in the next few months? According to the Financial Post:
Canada’s housing market should return to “more normal” conditions this fall following a summer slowdown, a report from real estate firm Re/Max said on Tuesday.
Prices haven’t fallen, and demand is expected to pick up. Sounds like smooooooooth sailing for the housing market to me. Cool.