Even though buying a home in the GTA will cost a pretty penny, home prices are actually the lowest they’ve been in 2022 (so there might be some hope for buyers after all).
In the Toronto Regional Real Estate Board’s Market Watch report for May, monthly statistics for the Toronto area showed average home prices were $1,212,806 that month.
While it still costs a million to buy a home, it’s a price drop of more than $120,000 from what homes cost in February, when they were $1,333,399. $. It’s also the cheapest price they’ve been all year, as the next closest price was back in January when costs averaged $1,242,267 (which is still $30,000 what’s more).
Compared to last May, however, prices this month represent an annual growth of 9.4%, according to the TRREB, while sales have actually fallen 38.8% since the same period last year.
According to the TRREB, this downward trend in costs will likely continue through the summer, thanks in part to recent interest rate hikes by the Bank of Canada to curb inflation.
“There is now a psychological aspect where potential buyers are waiting for a price floor,” TRREB chairman Kevin Crigger said.
“However, as homebuyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high vacancies, rising incomes and record immigration. ”
If you’re wondering how much everything costs in the GTA, here are the average home prices for all home types in the area last month:
- Region of Halton, $1,313,651
- Region of Peel, $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
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