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.
The average price of a detached home in the Greater Toronto Area fell by 3.1 per cent to $1.36 million in July, compared with $1.4 million a year earlier, as higher borrowing costs pushed prospective buyers to the sidelines, according to figures released by the Toronto Regional Real Estate Board on Thursday.The price drop was more pronounced within the bounds of Toronto proper, where the average detached home price has lost over half a million dollars in value from about $2.
“With higher borrowing costs, people need to look into lower-priced homes, and condos represent a lower price point on average,” said Jason Mercer, chief market analyst for TRREB. “If you look at the GTA suburbs, condos offer an even lower price point, so it makes sense for people to look at those opportunities outside of the downtown if it means home ownership.”
“With low unemployment and wage growth, not many people have to sell from a stress standpoint,” Mercer said. “People might not be getting the offers they want and are holding off from selling. As we see a drop in fewer listings, even with sales dropping, there will be a tightening in the market, impacting prices.”It will take a year to 18 months to see how buyers absorb the interest rate hikes, said Mercer.
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