The Average House Price In The GTA Went Up By Over $280K From February Last Year
Well, it seems like the real estate market in GTA can actually get bleaker because the average house price increased by nearly 28% compared to last year.
The Toronto Regional Real Estate Board released its market watch for February and revealed the average selling price for homes in the GTA rose to $1,334,544. This is $289,587 more than the average home price in February 2021, which was $1,044,957.
Compared to January, the average house price increased by over $90,000 from $1,242,760.
"Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm," TRREB President Kevin Crigger said.
"Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales."
Even though home sales were down in February compared to last year, it was the second-highest sales rate for the month in history.
So, how do average house prices compare across the GTA?
Well, according to the TRREB, those looking to buy a house in Toronto should expect to cough up around $1,210,889 for their dream home, which isn't the most expensive price in the GTA.
The average price of a home in the York Region is $1,587,603, according to TRREB, with King taking the crown with the most expensive average house price at $3,218,432. Yikes.
Orangeville currently boasts the most "affordable" homes in the GTA, with the average price of a home at $1,049,670.
Best of luck to anyone looking to purchase a home!