Toronto house sales are slowing, but economists are not predicting a crash in the real-estate market.
The latest statistics from the Canadian Real Estate Association, released Monday, show that Toronto house prices dipped about 2.4 per cent in December over November, putting the average house at $466,540 when adjusted for seasonal fluctuations. Even with that slight decline, Toronto house prices were up in December by four per cent, year over year, CREA notes.
Buyers are becoming “increasingly cautious,” but house sales are expected to continue making a “significant contribution to Canadian economic activity” this year, CREA says.
Economists believe the “distinct signs of moderation” in late 2011 suggest that Toronto is headed not so much for a fall as for a cooling-off.
via Metro – House prices dip, but no crash in sight: Report.
