House prices dip, but no crash in sight: Report

vince talotta/torstar news service

Toronto house prices dipped by 2.4 per cent in December over November, putting the average price at $466,540.

National average

The average Canadian house price was $358,480 in December when adjusted for seasonal fluctuations, up by less than one per cent from a year ago.
That was the smallest increase since October 2010.

Published: January 17, 2012 5:45 a.m.

Last modified: January 16, 2012 8:59 p.m.

(1)

Print article

Text size

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.

“We look for both sales and prices to be roughly flat this year,” said BMO deputy chief economist Douglas Porter. “That could be just what the policy doctor ordered, allowing incomes to catch up to higher prices.”

more local stories

A graceful history of dancers

Sixty years is a long time for a dance troupe conceived by a group of volunteers.

Ontario universities and colleges should move 1/3 of courses online: report

TORONTO — A report before the Ontario government is calling for universities and colleges to move a third of their courses online — a proposal that’s received a failing grade from a prominent students’ organization.

Tories say air ambulances facing service disruptions in wake of Ornge scandal

Ontario's troubled air ambulance service faced at least 13 disruptions over the last three weeks that may have jeopardized patient safety, the Opposition charged Wednesday.

Add your comment

Comments are not reviewed before posting. If you believe a comment has violated the commenting guidelines, please alert a moderator using links provided.