Toronto home prices fell again consecutively in November, just as I predicted. The average price of a home in Toronto has fallen to $368,500, down by 6% from $393,700, in the same month YoY. The median price for Nov 08 was $312,000, down 4% from $325,000 last year in the same period. Homes are also taking longer to sell, 41 days in Nov, compared to 32 days in the same period last year. The Toronto housing market is now clearly a buyers market. Given global financial crisis will only get worse, consumer spending is falling, demand is declining, and as more people continue to lose money from equities, I can confidently say Toronto housing prices will further decline, so hold off from buying even if you can get a good rate. Don’t let anyone deceit you (including your trusted agent) into buying a home right now since no interest rate will offset the expected price declines in the next few months. Please see my analysis for the Toronto October 08 housing market, you can see just how much prices have fallen just month alone.