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Some Detached Homes In Toronto & The GTA Are Getting Cheaper & This Is How Much They Cost

Dreams of owning a home might actually come true!

Toronto Associate Editor
Rows of detached homes near Toronto.

Rows of detached homes near Toronto.

There might be some hope for future homebuyers in Toronto and the GTA after all.

Re/Max published its Hot Pocket Communities Report for 2022, in which the company compares what the real estate market has been looking like between the first and second quarters for Toronto and the entire GTA.

To do so, Re/Max analyzed and compared the sales and house prices data from 60 Toronto Regional Real Estate Board (TRREB) districts during this period of time.

"Buyer sentiment changed virtually overnight as growing geopolitical concerns and spiralling inflation destabilized global markets, leaving the Bank of Canada little option but to raise interest rates," said Re/Max Canada president Christopher Alexander.

"Those fast and furious incremental increases placed downward pressure on housing sales and prices, improving affordability on one hand, but eroding it on the other," he continued.

For the GTA, Re/Max found that the values have dropped since the beginning of the year in the Durham, York, Halton, Dufferin, and Peel regions, and only nine markets (for a total of 15%) saw average house prices go up.

Five of those pricy markets include some popular downtown Toronto neighbourhoods like Trinity Bellwoods, Kensington, the Annex, and Yonge and Eglinton.

"The price softening was clearly more evident in suburban areas and the outer perimeters of the 416, most of which experienced strong upward momentum during the height of the pandemic as buyers sought to leave the city," said Alexander.

Durham Region, for example, was a serious hot spot for homebuyers in the last few months due to its affordable house prices, according to the report.

Ajax, Whitby, Clarington, and Scugog are among the cities "cost-conscious" buyers flocked to, as Re/Max notes the average price of single-detached homes hovered at "just over $1 million in Clarington to just over $1.2 million in Ajax."

The cities and neighbourhoods in each region with the biggest price drops this year

York Region's Whitchurch-Stouffville neighbourhood saw a 22.3% price drop (just over $448,00) since the first few months of the year, with the average price for detached homes going for $1,563,413.

Whitby in Durham Region saw detached homes fall down by just over 19.1% from $1,466,658 to $1,185,858, on average.

Brampton had the biggest price drop between quarters for Peel Region, with the costs of detached homes falling down by 14.8% (just over $237,000) to an average of $1,369,642.

The detached homes in Oakville in Halton Region went from $2,389,023 to an average of $2,015,326, which is a 15.6% decrease in price.

As for Toronto, the TRREB district that encompasses Church-Yonge Corridor, Cabbagetown South St., Moss and Regent Parks, had the biggest average price drop for detached homes this year. At the start of 2022, these kinds of houses were on the market for $3,121,963 but have since dipped down by over $585,000 (just less than 19%) to an average of $2,535,000.

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