Toronto real estate gets real

Local real estate agents have assured would-be sellers that the real estate market will pick up in the spring, and judging by the number of new listings on MLS, many gullible (and/or cash-strapped) homeowners are taking them at their word. tracks the actual reduction in listing prices in Toronto (for single-family houses only) by cross-referencing new listings to the original ones that were pulled. While the majority of price decreases continue to be minimal (and no more than might be expected to be presented in a competitive offer to purchase), there are some significant reductions beginning to appear, like this one, for a Mimico home on the market since November that’s been reduced by more than 30%:

W1512095 – W06 – 2656 LAKE SHORE BLVD W,TORONTO, Ontario, Canada – $295,000

Price Change. Feb 23: $295,000 Jan 25: $299,900 Dec 21: $319,900 Nov 15: $429,000
Olde Mimico Charmer Built In 1928! One Of The Largest 4 Br Semi-Detached Homes Ever Built On A 40 Ft Lot With Private Driveway For 4 Cars! Renovated Kitchen, Bath,Flooring,Waterproofing,Newly Paved Driveway! W/O To Newly Built Wood Deck! (Opportunity For Duplex,Triplex Or Rooming House To Be Confirmed By Buyers!)Across From Lake Ontario And Homes From 1 To 5 Million Dollars! Hurry****

I guess those hundred Iranians don’t like Etobicoke.

Guava also charts several indicators, including months of inventory, which sits at about 8 months right now, or double what it’s been in any January for the last five years.