December’s average home price was $46,212 lower than November’s $776,684 but it is “somewhat unusual” in the peak spring season, he said. Even as the market has soared, there were some month-to-month price declines, said Jason Mercer, director of market analysis for the Toronto Real Estate Board (TREB), which released its month-end May statistics on Monday. Toronto area home prices dipped about 7 per cent in May compared to April but remained about 15 per cent higher year over year averaging $863,910. That faint hissing sound — music to the ears of Toronto home buyers — could be the air escaping the region’s housing market. “We continue to expect that the next phase in the market will be a soft rather than hard ‘land,’” said RBC.

Source: thestar June 05, 2017 19:44 UTC