House prices stay level – sort of

With interest rates rising, there has been a lot of talk that homes would be less affordable so prices would go down – but that has not happened, at least not yet.  Instead they are fairly steady in both Toronto and Cobourg.  In my last report in September, average house prices in August were around $480K and now they are nearer $430k although still higher than mid-year 2017.  But prices vary tremendously depending on location and other features.  The backlog (or to put it in realtor terms “inventory”) is larger which probably means some houses are not selling because they are overpriced – if a house is taking too long to sell, it seems to me that few people want… Read complete articleHouse prices stay level – sort of