Home > personal finance, real-estate > GTA House prices drop in August…again!

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…

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