Toronto Real Estate Leads Canada Average Decline In Price
Average sale price Toronto real estate is falling down at very fast pace. According to CREA i.e Canadian Real Estate Association numbers show that average cost of a home has fallen down by 11.3% in April 2018.
Most of the price declines are attributed to the fastest and largest real estate market of Canada i.e Toronto.
These rumors are very true, average home prices aren’t great to determine that how much you’ll pay for a house. When range of distribution for home sales is normal, average cost is an effective measure.
However, when range of distribution becomes wide, it tends to skew lower and higher, depending on the extremes. That is, low of prices and extremes to the high can skew the numbers of homes either in direction. It’s a useful indicator, if you know that what you’re looking for.
Average home price may be useful proxy for dollar volume. After all, CREA deals only with resales. Mostly people that sell out will be upgrading or buying an expensive home as well.
This sends average higher.
If people are selling homes, but there’s no further plans to buy home again in this real estate market, you’ll notice an average slide.
Vancouver Has Highest Average Sale Price
Fraser Valley, Toronto and Vancouver are the priciest real estate markets in Canada. Vancouver has highest average sale price at around $1,067,266.
Toronto comes on second position with an average sales price of around $804,584. Fraser Valley is on the third position with average sale price of around $780,736. These three real estate markets have remained in this same order for some time.
Toronto Has Fastest Dropping Sale Price
Victoria, Saguenay and Saint John had the fastest rising average home sale price as compared to the last year. Saint John had average home sale price of around $199,136, this count is an increase of 22.9%.
Saguenay had average sales price of $202,729, it is 15.8% increase. Victoria had an average home sale price of around $703,592, it is 11.9% increase. These 2 cities have grown, but still are cheaper than national average price.