Compared to other metro areas in the north America like NY, LA, or Boston, or even Vancouver, Toronto is a teenager speaking of housing market. A property worth 500k here will sell over a million easily in the cities noted above.
Toronto's average resale price is just over 300k as of August. It has dropped mildly for two months in a row, which could mean it's able to self-adjust to prevent a buble.
As per my experience, this speculation on steep drop in price has been around for last two years, all we have seen is a steadily growing price, unless the population shrinks sharply, or something disastrous happens, the housing market is quite sustainable here in Toronto. A price melt-down in the forseeable future is a wishful thinking.
In fact, some major developers in the States are showing increasing interest in Toronto, and a few projects are underway in downtown area.
Toronto's average resale price is just over 300k as of August. It has dropped mildly for two months in a row, which could mean it's able to self-adjust to prevent a buble.
As per my experience, this speculation on steep drop in price has been around for last two years, all we have seen is a steadily growing price, unless the population shrinks sharply, or something disastrous happens, the housing market is quite sustainable here in Toronto. A price melt-down in the forseeable future is a wishful thinking.
In fact, some major developers in the States are showing increasing interest in Toronto, and a few projects are underway in downtown area.