It was bound to happen. Housing prices are beginning to fall in metropolitan Canada. In the Greater Toronto Area, housing prices have tumbled the first time in over a decade, down by 3% from last year’s levels. Average existing home prices dropped to $368,549 in September, from the $380,132 recorded in the same month last year, according to the Toronto Real Estate Board.
Is this the beginning of a downward trend for Canadian real estate prices? Are Canadians really immune from the US subprime mortgage crisis?
Source: Macleans Blog Central