By Garry Marr, National Post
City of Toronto existing home prices plunged 13% in October from a year ago and are now even off from where they were two years ago, the Toronto Real Estate Board said today.
The average price of a home sold in the city was $376,896, down from $434,022 in 2007. But the figure was also down from the 2006 average October sale price of $386,807.
In the greater Toronto area, the average price of a home sold in October was down 10% from a year ago, to $352,974. GTA average prices were off 1% from October, 2006.
"Consumer confidence is critical to the housing market and it appears that consumer uncertainty has been prevalent in today's market conditions," said Maureen O'Neill, president of TREB. "We are confident levels will return as demand for housing in the GTA continues."
That demand for housing appears to be drying up quickly. TREB reported GTA sales in October were 5,155, down 35% from a year earlier and 25% from two years ago. In the City of Toronto, sales were off 38% from a year ago. In the 905 region, sales dropped 32% from October, 2007 levels.
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