Following a raft of measures to cool off the property market, sales have plunged, down 35% overall in Feb 2017 relative to Feb 2016; prices are down an average of CAD110,000, and listings are up (which will drive the prices down further).
— Toronto’s real estate market is imploding via Boing Boing
Imploding might be a strong word in this case as it’s only based on one month’s sales, but I wouldn’t be surprised if this was the start of a decline in house prices in Toronto and the surrounding areas.
With my in-laws in Ontario and annual trips out there with the family, we’ve see vast amounts of land swallowed up by builders over the last two decades. The rate of building and development has been staggering.
In the last ten years though house prices have sky rocketed.
My wife and I have toyed with emigrating to Canada in the past few years. The always increasing house prices mean that we would have to look at smaller properties near Toronto or larger properties away from Toronto for the move to be worth it.
With a dip in house prices though, maybe a move is still possible?