Toronto Home Prices Dropping

Cumulative drop in prices is now 17%

This post is not about inciting panic or shadenfreude. Rather, it's sad to see that month-after-month more members of this sub submit to a defeatist attitude re: housing affordability. GTA sales drop 40% and the top comment is "Sure, call me when prices budge". Realtors and the media are quite good at spinning every stat into good news (it's even present in the linked article). The antidote is cold, hard facts and a renewal of the simple notion that Yes, Housing Prices Can Fall.

The 17% drop doesn't undo the insane run-up in prices in late 2016 - early 2017. But it makes you wonder "if I get in today with a 15% down payment, it could all vanish in just 3 or 4 months..." So stick to the good rules: only commit to take on debt that can be managed by your income(s); consider "what if rates are higher by 1-2% (OSFI will force you to do this in a few months anyways); and play hard ball with the seller! It's a buyer's market now and prices have to drop even farther to get us back to an affordable, healthy market.