These GTA Cities Saw Home Prices Drop By Over $100K & It Happened So Fast
Things are really starting to cool off.
The GTA real estate market reached new heights during the COVID-19 pandemic. However, since life started returning to normal in Ontario, home prices have sharply declined, offering a bit of hope for first-time buyers.
According to Better Dwelling, Toronto Regional Real Estate Board's (TRREB) latest data shows that six markets in the area dropped by more than $100,000 in a single month, with the top 3 offering incredible savings.
Located an hour outside of Toronto, Caledon saw the most significant drop. The town, which reported a median sale price of $1,330,000 in May, saw home prices drop a whopping $192,000.
Oakville, current Canada's priciest place for real estate, saw the second biggest dip, with its housing market shedding a hefty $172,500, 11% in a month.
Lastly, Ajax saw its prices drop by $156,200, leaving its median sale price at $988,800.
There were also some smaller drops within the city of Toronto, with the central part of the region seeing prices drop 1.8%, leading to a $16,250 decrease.
It might not seem like much, but it did bring home prices down to a median sale price of $866,000 in central Toronto.
The eastern part of the city saw prices drop by $51,225 in May, bringing its median sale price down to $1,072,300.
So, where does that leave all you folks looking to buy a home in the near future?
Well, the TRREB data suggests that more expensive homes aren't selling within the GTA, and inventory has been rapidly rising. So, there may be some hope for you.