“I live in Hastings-Sunrise and pay a lot of attention to what things are listed and sell for…. and things are listing and selling for about what they were last year. People trying to get over a million for their places? They are out of luck – but there is a limited amount of stuff in that neighbourhood, and it’s selling for between $700,000 and $900,000, generally close to list prices. Even tear-downs on tiny lots are selling for $650,000. I’m not saying that’s going to continue, but at the moment things seem to be moving and for prices that are similar to last summer.”
– Megan Eliza at VREAA 15 Jun 2012 10:15am
Our observations are similar to Megan’s. Although sales are down and inventory up in most areas, and despite the fact that there are many examples of prices reduced from original ask, we have not yet witnessed a very definite step down in same property sale/resale (“time1 to time2”) prices. In other words, a property that sold in 2011 or 2010 (or before) for ‘x’, now selling/sold for ‘x-10%’ or ‘x-15%’, etc.
Such reports will be unequivocal evidence that the descent is underway, and we fully expect these stories to be heard in the near future.