Toronto house prices dip slightly in December

By Susan Pigg | 2012/01/16 16:24:00

House sales — and doom-defying price increases — are slowing, easing concerns that the lowest interest rates in history could cause the Canadian housing market to overheat.

Buyers are becoming “increasingly cautious,” but house sales are expected to continue making a “significant contribution to Canadian economic activity” this year, says the Canadian Real Estate Association.

A total of 456,749 houses changed hands via Canada’s MLS system in 2011, up 2.2 per cent from 2010, CREA reported in its monthly assessment of the market released Monday.

While Toronto house prices were actually down in December over November when adjusted for seasonal fluctuations — they dipped about 2.4 per cent putting the average house at $466,540 — prices were up overall some four per cent from Dec. 0f 2010.

The average Canadian house price was $358,480 when adjusted for seasonal fluctuations, up less than one per cent from a year ago.

More on: Real Estate

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