Cooling, or falling? That's usual question, when it comes to Canadian real estate. Home buyers are hoping to get some bargains and home sellers are frightened they will lose thousands of dollars in few months.
You can get some picture, if you read our recent article on Toronto houses. Are the recent market numbers approving our conclusions? If you check the July Market Watch for Toronto (presented also on our site), you can see two things.
1. Market is really cooling down - sales in Great Toronto Area fell down 12% and even 14%, comparing to the July 2007.
2. Comparing to the year 2006, sales are still some 10% higher! What is more important, price growth was reasonable 1% (below 1% in the City of Toronto, 3% in surrounding municipalities). This opens opportunity also for buyers, who have been heavily pushed by seller's market last year.
Another important thing (especially when you look at the USA) is no big flood of houses onto the market. Listings rose only slightly and average days on market are still somewhere around the number 30. And I believe that's very pleasant!
There is no doubt August numbers will show drop too, but still will be very good.
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