Are Thornhill Housing Prices in Decline?

By
Real Estate Agent with ArcRealty Inc., Real Estate Brokerage, Toronto, ON, Canada

Are Thornhill housing prices in decline is the question of the day?

The title of the cover article in the October issue of Canadian Business magazine is, "THE HOUSING CRASH BEGINS". Unlike the US housing market which has been in decline for about five years now, houses and condos in Thornhill as in the rest of Canada have continued to rise in price. In the major cities of Vancouver and Toronto prices have continued to escalate for the past decade.

Building Boom

Thornhill is a fairly well-to-do neighbourhood of the Greater Toronto area which covers an area both in the city of Markham and the city of Vaughan, both bedroom communities of Toronto. There have been many new homes and condos built in Thornhill during this real estate boom and there have been many sales of homes from plans and many condo units purchsed preconsturction. Many of these sales have been to investors and it is these investors who are asking themselves "Are Thornhill housing prices in decline?"

If they are then can they hold on long enough to wait for a come back or should they try to unload them now.  The fact is that if investors are asking themselves "Are Thornhill housing prices in decline?" and decide to act on the possiblility by selling, then what may just have been a question will become a self-fulfilling prophecy as more investors try to sell and competition brings the prices down! 

Comments (6)

Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

I can't say much about Thornhill prices Donna, but it's starting to look like they are stagnating in the Quinte area.

Sep 20, 2012 06:44 AM
Donna Webber
ArcRealty Inc., Real Estate Brokerage, Toronto, ON, Canada - Thornhill, ON

Malcom, I am sorry to hear that. I don't like the word "stagnate".  Sounds very serious.

Sep 20, 2012 08:00 AM
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Thanks for the update, Donna.  Are you in Boot Camp?  If you added some links, you might get some extra "hits" on your own website!

Sep 21, 2012 12:54 AM
Donna Webber
ArcRealty Inc., Real Estate Brokerage, Toronto, ON, Canada - Thornhill, ON

Yes I am in Boot Camp and I will try to see if I can add some links. I thank you for your encouragement.

Sep 21, 2012 08:29 AM
Simone Bercu
Metro Referral - Palm Beach Gardens, FL
Not state specific Real Estate - GRI, e-PRO, AB

Donna, the good news is that after a downturn in the market there will be a recovery.  I saw this in Miami and even in the DC area that was no where as distressed as the rest of the US.  Many are looking back and wishing they had bought a year or two ago.

Sep 22, 2012 11:45 PM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Donna - It's always interesting to hear what's going on in other markets, our prices have been slowly rising again.

Jan 30, 2013 12:17 AM