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Prices aren't down 20-30% - you're referring to average sales price. Big difference. It's been attributed to the sales mix (people opting for condos/townhomes)
by asdf33323 9y ago
Prices aren't down 20-30% - you're referring to average sales price. Big difference. It's been attributed to the sales mix (people opting for condos/townhomes)
- randomdata 9y agoIt is also worth noting that there was exceptionally abnormal growth[1] early in the year. The average price for July only brought it back to trend. It will be interesting to see what August numbers bring. [1] http://creastats.crea.ca/treb/images/treb_chart05_xhi-res.png http://creastats.crea.ca/treb/images/treb_chart05_xhi-res.pn...
- myth_drannon 9y agoThey are. You can check the prices by categories. Detached houses -20%, condos are still holding up. Houses went from 960K to 720K since April
- asdf33323 9y agoread my comment again. sales mix.
- tostitos1979 9y agoSorry. Your info doesn't match the same reality I live in. As the parent said, sales went down (don't know about mix). Prices for detached homes have not. We were seriously putting offers in March and got outbid for INSANE sums. e.g. 720K offer in Milton .. property went for 100K over. In Mississauga, homes listed for 850K went for 950K-1million. I am looking at data now and it has slowed but not gone down yet.
- refurb 9y agoReal estate is local. I've seen multiple listing in the Toronto area, SFH, that haven't sold and are delisting at 20-30% below comparables from 3 months ago.
- acchow 9y agoYou got some examples of this?
- asdf33323 9y agoI call BS unless you provide proof.
- megaman2 9y agoUnless I'm reading the reports wrong, according to the Toronto Real Estate Board (TREB) the average price of a detached housed in the "416" (Toronto) area in July 2017 was $1,304,288. In August it was $1,191,052. So that means a -8.7% change from July to August alone. Numbers for recent months - Detached houses in "416" area code: August: $1,191,052 July: $1,304,288 June: $1,386,524 May: $1,503,868 April: $1,578,542 http://www.trebhome.com/market_news/release_market_updates/news.htm http://www.trebhome.com/market_news/release_market_updates/n...
- acchow 9y agoYou are talking average selling prices going down. We are asking about examples of actual prices of homes going down. They are not the same thing. The price of homes can actual stay flat or even go up while the average sold price goes down.
- megaman2 9y agoYeah, I get that - I was responding to a comment above about the "sales mix" between detached, townhouses, and condos. The data I referenced directly contradicts the assertions made above that the price declines were due to shifts in the "sales mix" between those three types of homes. Sure, you could argue that the prices declines were shifts within the detached housing market, but I haven't seen anyone provide data on that.
- myth_drannon 9y agoSorry my mistake, that was the average sale across all categories. According to https://beta.theglobeandmail.com/real-estate/toronto/toronto-home-prices-extend-torrid-slide-from-peak/article36181877/ https://beta.theglobeandmail.com/real-estate/toronto/toronto... "From the market's peak in April this year, the average price for detached homes in the GTA has fallen 19.6 per cent to $968,494 in August from $1,205,262 in April, bringing the average detached home price back below $1,000,000 in the region." From 1.2mil to 1mil in five months
- acchow 9y ago"Average sales price is down 20%" is an entirely different statement from "prices are down 20%, on average". Think about that.