Mid-August Toronto (416) house prices down year-over-year

[Canadian]

The Mid-August prices in 416 Toronto area are down from $394,563 to $391,252. But here is the kicker if you compare the July 2009 average 416 price and the current mid-month price, we are down over 7% from $421,110 to $391,252. So much for the record month of July . We are going down baby, going down!

[bullish]

So let me see, the 416 average price is down about 0.8% and you made the conclusion that we are going down? This is so lame...

[trent]

Originally Posted by bullish

So let me see, the 416 average price is down about 0.8% and you made the conclusion that we are going down? This is so lame...

You are the LAME one Do you remember what happened last fall, when the stock market dived? The Toronto real estate market dived about 15% and this is before any real foreclosure problems that are coming to your neighborhood real soon. Stock markets are at 10-month high and another breakdown from here is a sure thing. Get ready to be underwater within the next 12-18 months.

[Canadian]

I think we'll see a decline about 15-20% from the top this winter, but this time there won't be a spring recovery fro the Toronto's real estate.

[Steven]

I'm curious to see the full August figures for Toronto, but I also think that the real estate market here is due for a small decline.

[Canadian]

Originally Posted by Steven

I'm curious to see the full August figures for Toronto, but I also think that the real estate market here is due for a small decline.

Small decline like in 50%-60%? Why people think it's OK for prices to go up 100% in 5 years and then nobody can convince them that they can go down 50%? Answer: Most people are stupid, greedy and ignorant.

[Rickson9]

So far so "good" for the Canadian (and Toronto) RE market.

is it the best time to buy now in Toronto?