Canada’s Average House Prices Drop

The past few months have taken a sharp reversal in Toronto’s home prices and has led the property market into total chaos. Many buyers now desperately want to get out of deals that looked good just a few months ago. This desperation not only comes from those who bid at the peak and now want out but also due to lenders tightening their credit and property appraisers lowering their value. With lenders sending out appraisers who are judging the property is worth less than what the buyer offered a few months ago, a lower valuation means a smaller loan from the lender.

Click here to learn what this means for buyers, sellers, lenders, and borrowers.