According to The Star the real estate prices in Toronto are still on the rise. TREB says sales were up 21 % from last year in August to this year. Despite all the speculation, from market analysts, who for quite some time have been building a hype of a market crash the Average home price is still over $500 000 and rising.
As lending rules changed people adapted. The Toronto Real estate board is saying that buyers have gotten used to the new lending rules and have saved up the deposit they need in order to get back out on their search for a home. A lot of people were waiting for the market to crash to buy, but it never happened. There are still speculators that are waiting for this day to come to make their purchase but the real question is how long can you wait and be paying rent to something that is not your own.
I think that the prices in the condo market will correct themselves but houses for now don’t seem to be slowing down. Even considering the rise in the lending rates they are still considerably low and still make owning a property affordable.