While home prices in Toronto already are relatively reasonable compared with other major North American cities, potential buyers will be pleased to learn that the real estate market has begun to soften.

According to the Toronto Real Estate Board, “The average price in December of 2008 came in at $361,415, compared to $394,931 last year, and $336,217 in December of 2006.”

For 2008 as a whole, home prices averaged $379,347. In 2007, average prices were nearly the same at $376,236, while the 2006 average was $351,941.

Photo ©Carolyn B. Heller