blog.properties-toronto.ca/blog/_archives/2006/10/2/238 -
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Published on: 10/1/2006
Last Visited: 4/28/2007
"These are the rational choices that consumers are now making as they are confronted with rising prices in core areas," housing economist Will Dunning said.
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"These are the areas that have shown incredible growth in the past and have now started to moderate," said Dunning.Despite the increases in suburban properties, overall the standard two-storey home in the Toronto area is now up by only 1.4 per cent from a year earlier, the smallest increase for that bellwether segment and below the rate of inflation, according to LePage."Consumers have been adjusting their expectations and moving away from more expensive two-storey dwellings to something less expensive," Dunning said.
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However, price appreciation is expected to moderate even more in 2007 to 3.4 per cent, according to Dunning.