Toronto Real Estate: Reading Between the Headlines!
November 30th, 2008 categories: Real Estate
Today’s Toronto Star has a very deceptive sub-headline in the middle of the front section. It reads “The average Toronto-area house is worth $41,672 less than it was a year ago. Sales are down 35 per cent and it’s going to get worse.”
At a glance this makes a great headline but here is the reality….$41,672 is a reduction of just over 10% in the average price since last October. Yes, no doubt the market has softened. The number of sales are down… but down from a record year. Remember, at this point one year ago, Buyers were rushing to avoid the new City of Toronto Land Transfer Tax that was coming into effect on January 30th, 2008. Read the rest of this entry »
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