The average price of a Toronto home was down by 4.25 per cent in September, marking the first year-over year decrease since the slide in property values began last winter.
The latest data released by the Toronto Region Real Estate Board suggested that the market actually showed signs of stabilizing in September, with the average resale price across all property types coming in at $1,086,762 compared to $1,079,705 the previous month.It is the first year-over-year decrease in Toronto real-estate prices since an aggressive campaign to hike interest rates began to weigh on the market last March.
But there are some signs that the market could be slowing its descent as September marked the third straight month of marginal price increases. Previously, TRREB’s home price index had fallen for four consecutive months.
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