The number of resale home deals fell 35 per cent in the Greater Toronto Area last month compared with a year earlier, according to a report released by the Toronto Real Estate Board on Wednesday.
The average price was down 10.6 per cent. The number of properties listed for sale increased 32 per cent from a year earlier to 27,277.
However, despite the drop in resale figures, Maureen O'Neill, president of the board said, "There's no doubt that real estate will continue to be a solid long-term investment in our country."
O'Neill suggested that "consumer confidence is being unduly affected by media reports on the United States economy," while emphasizing that "there's no question that in Canada the economic fundamentals to support a healthy housing market remain in place."
What are you noticing about real estate prices in your area?
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The average price was down 10.6 per cent. The number of properties listed for sale increased 32 per cent from a year earlier to 27,277.
However, despite the drop in resale figures, Maureen O'Neill, president of the board said, "There's no doubt that real estate will continue to be a solid long-term investment in our country."
O'Neill suggested that "consumer confidence is being unduly affected by media reports on the United States economy," while emphasizing that "there's no question that in Canada the economic fundamentals to support a healthy housing market remain in place."
What are you noticing about real estate prices in your area?
More...
