Average House Price In The GTA Actually Dropped Last Month & Here's How Much It Costs
Home sales were up too. 🏠
Houses in Toronto.
Those trying to become homeowners in Toronto may be wondering if they'll ever be able to afford to purchase a home amid the rising cost of housing seen in the past months.
But there's been some talk about the market showing signs of slowing down, and homebuyers may not have to lose hope in affording a place to live in the 6ix.
According to the Toronto Regional Real Estate Board, the average price of a house in Toronto and the GTA went down by over $30,000 between February and March 2022.
The report, which noted that there were nearly 11,000 home sales in March, revealed that despite the dip in prices, the average selling price in these areas is just under $1.3 million.
The TRREB reported more sales during this one-month period, with March seeing 1,875 more sales, for a total of 10,955, compared to February, which saw 9,080 sales.
The TRREB noted that this is a decrease of around 30% compared to March 2021.
"Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year," TRREB Chief Market Analyst Jason Mercer said.
York Region currently holds the title of the most expensive area in the GTA in terms of average home prices, according to the report, with the average price at $1,515,897. Halton Region was a close second with an average price of $1,515,730, with Peel Region following with an average price of $1,269,242.
In the 6ix, the average home price was $1,218,546 last month.
This article's cover image was used for illustrative purposes only.