Everybody loves a sale right? Especially when the Seller gets a high return & the Buyer gets a discount. We see this in the retail world, the 40% off store-wide sale with tag prices that are inflated to protect the retailers margin & the red discounted price that makes the Buyer feel good about the deal they are getting.
If you look at the Toronto Real Estate market that way, compared to last year, the city is on sale. Yahoo, right?
The average price for a home in Rosedale last May was $3,355,480 & this May prices in Rosedale were down 7%, that's almost a $250,000 dollar discount.
The average price for a home in North & South Riverdale last May was $1,232,331 & this May $1,194,103. So, discount or correction?
It's a mindset really, but one thing is for sure, things are heating up & the sale won't last forever.