Metro Toronto home prices are rising, and market conditions provide a negotiating advantage to sellers (not buyers).
The average Metro Toronto household still can not afford current house prices and unusually high increases in house prices are the greatest factor making homes unaffordable.
Contrary to the overall trend, high-end markets like Oakville, Richmond Hill, and Markham have experienced house price declines over the past year. This weakening at the top of the market may lead to softening in other areas.
The silver lining, for those betting on higher prices, is that foreign speculative investors appear to have left Western Canada and are now heavily involved in Toronto, Ottawa, and Montreal.