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Globe and Mail Update (Includes correction)
After a bullish 2010, house prices in Toronto are levelling off, an analysis of first-quarter neighbourhood sales shows. Toronto real estate expert John Pasalis, whose company, Realosophy Realty Inc. analysed and resorted Toronto Real Estate Board data for The Globe and Mail, said the cost of homes in the city is moderating, with the rate of increase slowing from last year. "2010 saw prices jump up 9 per cent from 2009," Mr. Pasalis said. "The first quarter of 2011 is off this pace with an increase of 3.7 per cent as compared to the same quarter last year. He cautions though that the data for just the first three months of the year can be difficult to interpret. "Neighbourhood price appreciation statistics can exaggerate results in particular areas due to differences in neighbourhood size and housing stock," he said. "For example, Rosedale house values show a 42 per cent decline, Q1 2010 to Q1 2011, but this can be attributed to a higher number of co-ops and lower priced condos selling in the first quarter this year." (Editor's note: The headline on this online version has been changed to clarify the nature of the data.)