Toronto House Prices Have Dropped to Pre-Pandemic Levels

After months of declines, the price of a detached house in Toronto is now essentially on par with pre-pandemic prices.

John Pasalis, president of real estate brokerage Realosophy, has similarly observed prices of low-rise Toronto homes in general marching towards pre-pandemic prices. In a recent, Pasalis noted that the median price in July for the city’s low-rise homes, which includes everything from detached to semi-detached to row and townhouses, was $1.433 million. This is only slightly above the $1.407 million price seen in February 2020 for the same home types.

“Those areas saw prices jump something like 70 or 75% in two years, whereas the City of Toronto only went up 30%, which is still a lot in a normal environment, but comparatively, they were underperformers,” Pasalis said.This means that the roughly 22% decline in prices that’s been seen across the GTA since February has a much bigger impact on Toronto where price growth was more moderate to begin with.

“A lot of the clients that we have that are looking at buying, they’re buyers, in many cases, who were looking in the spring who just hit pause because it was crazy, and now they’re looking at reentering the market,” Pasalis said. “If we rewind the clock, the homes that they were looking at in the spring that were selling for $1.5 million are now selling for a $1.1 million or $1.2 million, so they’re already down $300,000-400,000.”“Prices are still obviously very high,” he says.

JohnPasalis Not enough

JohnPasalis Burn baby burn! May the price declines continue and speculators be punished for their greed!

JohnPasalis CC: ShaneCarwin2 What happened? Just 3.5 months in , Toronto at pre pandemic levels. And pls stop changing the timeline. Now you say 2005 when you said 2020.

JohnPasalis Isn’t that a rational market?

JohnPasalis This is not true though. I am not seeing listings sell at Feb 2020 prices.

JohnPasalis How can the median price for detached homes ($1.28M) be lower than the median price for all low-rise homes ($1.43M)?! Is your median price for the GTA perhaps?

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