After Meteoric Rise, Toronto Housing Prices Coming Down Fast
After a blockbuster years of rapidly rising home prices in 2015, and 2016, the cost of houses in Toronto is now trending downward sharply. According to the Toronto Real Estate Board, the typical detached home lost $114,000 (Canadian Dollars) of value this year.
Comparing year-over-year prices, the news for those looking to sell detached houses is also bad. "The average sale price of a detached home is still negative, but a little better than the month before. The average detached sold for $1,030,103 across TREB, a 14.4% decline compared to last year," Kaitlin Last writes for Better Dwelling. The stock of homes actively listed has swelled to close to 11,000 homes compared to less than 3,000 in January of this year.
Meanwhile, condo prices continue to rise in the city.