GTA's Average Home Prices Are The Lowest They've Been All Year, But They're Still Pricy
Prices could still keep going down in the next few months too.
Downtown Toronto view with CN Tower. Right: A row of houses in the GTA.
Even though buying a house in the GTA will cost a pretty penny, home prices are actually the lowest that they have been for 2022 (so maybe there's some hope for homebuyers after all).
In the Toronto Regional Real Estate Board's market watch report for May, the monthly statistics for the Toronto area showed that average home prices were at $1,212,806 that month.
While it still costs a cool million to buy a house, this is a price drop of over $120,000 from what homes cost back in February when they were $1,333,399. It's also the cheapest price that they have been all year, as the next price that comes close was back in January when the costs were $1,242,267 on average (which is still $30,000 more).
Compared to last May, however, the prices this month represent a yearly growth of 9.4%, according to the TRREB, while sales actually tanked by 38.8% since the same time last year.
Per the TRREB, this downward trend in costs will likely continue throughout the summer, thanks, in part, to the Bank of Canada's recent interest-rate hikes to curb inflation.
"There is now a psychological aspect where potential buyers are waiting for a bottom in price," TRREB President, Kevin Crigger, said.
"However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration."
If you're wondering how much everything costs across the GTA, here are the average house prices for all home types across the region last month:
- Halton Region, $1,313,651
- Peel Region, $1,180,883
- City of Toronto, $1,233,748
- York Region, $1,369,657
- Durham Region, $995,668
- Dufferin County, $863,642
- Simcoe County, $1,085,200