Toronto home prices on the verge of decline
Toronto's real estate market might be starting to cool down. Signs, such a decline in sales and an influx of new listings point to a market that's not quite as red hot as it was a year ago.
While prices haven't actually dropped just yet, Bloomberg reports that the rate of increase has dropped significantly this month, which could mark the beginnings of a more lasting trend.
Bloomberg cites Toronto Real Estate Board data that says in the first two weeks of June, local home sales continued to drop. And, compared to June 2016, prices went up only 6.7 percent for all home types (as opposed to 17 percent last year).
There was a 22 percent increase in listings as more home owners looked to sell off properties.
Should the trend continue, the Toronto market could see home prices decline for the first time in what seems like ages. Do bear in mind, however, that other data sets are not so gloomy.
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