Yeah, I'd wager a guess that prices are down by a minimum of 20%. I was going to sell my place downtown after I broke up with the g/f, but it actually makes more sense for me to pay her rent for 2 years than it does to take a $200k loss on the house. The house that cost $700k in my neighbourhood is now selling for $520.
The good news on all this is lakefront homes are now a lot more affordable. I found a few developments that were all spec homes, and prices are coming down by as much as 50% on them. Recreational property is taking a big hit right now.
I'm thinking it's going to be another 12 months of depressed values, and then a slow pick up. I doubt we're going to see the 30% increases over 6 months any time soon.
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