For the first time since prices began plummeting earlier this year, the average price of a single detached home in Toronto was lower than it was a year ago, according to the latest report from the city’s real estate board.
It’s the first time single-family detached homes have seen an annual drop since April 2020, when prices fell by 3.6 per cent, and a significant change from theBut the average selling price for all houses and condos in the GTA was actually up 1.2 per cent compared to July 2021, to $1,074,754, largely due to an increase in prices for less expensive homes. That average is down more than $255,000 compared to the February market peak of $1.33 million, making it the fifth consecutive monthly decline.
Since March 2022, the Bank of Canada has been hiking the overnight rate to help cool inflation, with the biggest rate hike since 1998 announced on July 13, at one per cent — raising the bank’s benchmark interest rate to 2.5 per cent. “As rent increases, it will spill over to ownership, pushing people to buy. That’s when we’ll see people coming to terms with higher interest rates and borrowing costs,” Mercer said. “When they come to terms with the conditions, we want to have an adequate pipeline of supply in place or market conditions will tighten up again.”
Glad to see the original headline has been corrected. The original headline contained a HUGE math error. Someone had to be sent back to Grade 4.
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