Condo prices in Toronto have finally stopped climbing. After months of weakness in sales numbers, prices are now coming down in what some observers are calling the most overbuilt condo market in North America.
The Toronto Real Estate Board (TREB) reported Tuesday that condo sales fell 20.5 per cent, year on year, compared to the first half of October, 2011. And prices have halted their long-running upward momentum; the average condo in the Toronto area sold for $332,969, down about $1,200 from the same period last year.
Sales in the broader housing market held up somewhat better, with volumes falling about 10.5 per cent, but prices were still climbing in this market, up 6 per cent year-on-year.
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