Average Toronto-area home prices have fallen by almost $300K since February Toronto TorontoRealEstate RealEstate
Home prices in the Greater Toronto Area reached historic highs in February of 2022, but their shining moment was short-lived as the Bank of Canada began raising interest rates shortly thereafter.six times, and a further increase is expected in early December. As rates have risen, home prices have fallen.from February and October in more than a dozen cities across the Greater Toronto Area.
Every city included in Zoocasa's report experienced a sizable price decline, but at 9.73 per cent, the City of Toronto saw the smallest drop. Prices in the city fell from $1,210,889 in February to $1,093,097 in October. Tipping the scales in the other direction was Brock — prices fell from $1,168,477 to $805,653 over the same period, a decline of 31.05 per cent. Oshawa followed with a 28.87 per cent drop, and Clarington with a 27.76 per cent decline.of less than 20 per cent.
The average home price in Mississauga dropped to $987,356 in October, a 19.42 per cent decline from the February peak. Prices were down 17.73 per cent in Markham to $1,282,561.
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