GTA House prices drop in August…again!

2 weeks ago I posted some stats for Toronto’s housing market for up to middle of August 2010… The final August numbers are out and aren’t pretty… average prices are down 2.25% from previous month

Month	Avg. Price	YoY (%)	MoM (%)
January	$409,058	19.04%	-0.70%
February	$431,509	19.43%	5.49%
March	$434,696	20.07%	0.74%
April	$437,600	13.47%	0.67%
May	$446,593	12.89%	2.06%
June	$435,034	7.69%	-2.59%
July	$420,482	6.34%	-3.35%
August	$411,012	5.95%	-2.25%

The monthly & yearly changes are clearly pointing to a downtrend… which I anticipate will continue for the next 6-12 months at the very least…

In GTA, single family house prices bottomed in Jan 2009 at $343632, an IMF paper from 2009 concludes that the price range from Jan-Apr 2009 is fair value…  average price in August was still about 20% higher than the Jan 2009 price…