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Actually, according to Teranet, Toronto home prices are trending down.

http://housepriceindex.ca/Default.aspx

Toronto (as of April 09)
% change y/y
-7.63%

% change m/m
-0.64%

Year to date
-6.86%


I guess you have to ask whose statistics are less likely to be biased; Teranet or TREB (run by realtors)? I guess we'll see how similar the numbers are when Ternet releases the numbers for May.
 

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Both are accurate. They are measuring different things.

The Teranet measures paired sales for homes, similar to the Case-Shiller Index in the US. The TrebNet measures all sales without looking to pair up repeat sales for any properties. Because outliers may push average sales figures up, the source I linked for the Trebnet data gives median numbers as well.

There are a couple of additional ways to measure RE property value and thus changes in value, as well.
 

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OK! The price of a *single* home may or may not be in line with the trends observed for *all* homes in a given area. The market for individual homes is pretty particular to that home (compared to the market for "homes in general" in Toronto).

For the purposes of comparison, it is likely the Teranet stats are the most directly applicable to a single-house sale.
 
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