Well, its official… Toronto’s real estate market has shifted into negative territory in its average price. The October market marked the first month to month price decline (0.6%) since late last year. Toronto’s real estate market has continued to soften since the new mortgage rules went into effect in July. Monthly sales and new listings have gradually declined and last reported sales with a 17.5% drop in the first two weeks of November.
Although local and national markets are shifting into negative territory, economists are optimistic about the balancing of the markets, noting that if there aren’t any significant jolts to labour markets or increases in interest rates, the real estate market is expected to experience a gradual decline over the next year.
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