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.
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!