Toronto house prices dip, undercutting warnings of a market in (over)heat

While we wait for the real estate wizards to figure out whether Toronto’s condo market is in a bubble or not, here’s some news about sales of honest-to-goodness houses (remember those?): Toronto’s average house price actually dropped slightly in December, meaning that the recent panic about overheating in the housing market might have been a tad excessive. The average house sold for $466,540, which is about 2.4 per cent less than in November, though still up roughly 4 per cent from the same time last year. Looks like those pre-Christmas deals weren’t only found at the Gap. Read the entire story [Moneyville] »