17 September 2012
As of Toronto real estate market, the seasonally adjusted average price remained stable with 1.5% increase in August from July. As a result, average price went up to $501,058from $493,647 in July. Nevertheless, actual prices went up by 6.1% last month compared to the previous year.
New listings in the GTA fell by 7.7%, while the national new listings were down by 1.7%. In the end, such numbers kept the real estate market in the most balanced statesince the last two years.
It’s interesting that while average prices in Vancouver fell by about 7% compared to the previous year, they were up by 3% over July (seasonally adjusted).
As you can see – markets are becoming more and more localized. Prices may decline in Vancouver but go up in Calgary and Toronto. We expect this trend to continue and think that GTA market is safe from the major correction and will be rather flat for the next year or so.