Yesterday I wrote a blog about how I had seen the price of a condominium unit at 12 Yonge Street drop by 7.5% over the last two months.\u00a0 This morning I read in the Globe and Mail’s Real Estate section that real estate prices have dropped much more than that in the first quarter of 2011 compared to 2010.\u00a0<\/p>\n
According to real estate expert John Pasalis of Realosophy Realty Inc., “For example, Rosedale house values show a 42 per cent decline, Q1 2010 to Q1 2011…”\u00a0 Wow, that is one of the most expensive neighbourhoods in Toronto with houses costing well into the millions.\u00a0 Imagine owning a $1,ooo,ooo house and then seeing its price chopped to $580,000.\u00a0 Maybe those homeowners can afford to loose a whopping $420,000 or maybe they have no choice.<\/p>\n
Other examples of neighbourhood real estate price comparison between Q1 2010 and Q1 2011 show:
\nHumber Valley – down 36%
\nAllenby – down 23%
\nBathurst Manor – down 17%
\nChinatown – down 17%<\/p>\n
As I said yesterday, if you’re thinking about selling your home sell it soon and if you need a place to live rent for now because it is 25% cheaper than ownership. In other words, home prices in Toronto are atleast 25% overvalued.<\/p>\n","protected":false},"excerpt":{"rendered":"
Yesterday I wrote a blog about how I had seen the price of a condominium unit at 12 Yonge Street drop by 7.5% over the last two months.\u00a0 This morning I read in the Globe and Mail’s Real Estate section that real estate prices have dropped much more than that…<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2052","post","type-post","status-publish","format-standard","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t