Toronto house prices are likely to continue to soften into next year, but will avoid a hotly anticipated major downturn, as "2013 finds the Canadian housing industry in a highly unusual place," according to a new quarterly housing market by Royal LePage.
The rare combination of low interest rates, flattening house prices and an improving economy "is not something we've seen before," says Royal LePage president Phil Soper.
"Typically, one of these variables is moving hard in an opposite direction."
That unusual combination of factors should give buyers some breathing space, as prices flatline and sellers gain some confidence that house values will hold strong, according to the quarterly survey, which shows that despite a significant slowdown in sales since last summer, the average price of a home in Canada increased between 1.2 and 2.4 per cent in the first quarter of this year over the same time last year. Read More News>>