It will likely come as little surprise to Torontonians that house prices in many areas of the 6ix's downtown core and the GTA have risen in the last month. But never fear, because all hope is not lost! Average southern Ontario house prices have actually gone down over the last month in nine different cities and towns, even if that may seem too good to be true.
The Toronto Regional Real Estate Board released its market data for February 2020 in recent days and it makes for fascinating reading.
Many renters and homebuyers are thought to be looking outside the city proper to find a place to call home. And while that can be a pain with factors such as a longer commute, it's a strategy that could save you some money in the long run.
The TRREB report noted that residential sales outside the GTA have soared by some 45.6% since February of 2019, which saw a 10-year sales low.
You might think that would lead to a hike in prices across the board.
So, if you're looking to save some serious money on a new home, look no further.
Toronto Regional Real Estate Board's latest market video summarizes February’s Market Watch Report in less than 5 m… https://t.co/ZYZdrPb5Wl— Toronto Regional Real Estate Board (@Toronto Regional Real Estate Board)1583527199.0
Just slightly north of Brampton, Caledon is still considered part of the GTA but saw a decrease of $989,163 to $972,052 over the last month.
Close to Cook's Bay, just by Newmarket, this town saw a significant decrease from $833,129 to $800,765 from January's numbers.
Less than an hour drive away from Toronto, Georgina had a few thousand dollars knocked off. The average home here now costs just $574,453. Try finding that in the 6ix!
Although you'd have a fair bit of a commute as Brock is over an hour's drive from Toronto, the price is totally worth it. Particularly now that it's fallen by almost one-fifth from $586,940 to $502,742 since January's numbers
It's literally 30 minutes away and the price has seen about a $14,000 decrease of $755,058 to $739,512. This is a totally viable option if you want to stay close.
This township has seen the biggest monthly average drop. If you buy in Uxbridge now, compared to a month ago, you would save yourself an incredible $160,000 on average. The mean price is now just $818,889.
Another significant decrease here takes Essa below the $600,000 on average. If you're willing to head a bit further north, you might want to consider this.
And shouts to Innisfil as a potential landing spot. After all, houses have decreased in price from $649,885 to under $600,000.
Finally, you can move to New Tecumseth for around $3,000 less now than in January. This place will set you back around $641,000 on average.