As the pandemic push for big houses and remote living fades away, some suburbs are seeing sharp drops in prices from the housing peak
Areas in the GTA suburbs that saw skyrocketing home prices during the pandemic are now facing a real estate crash with Scugog leading the pack at a whopping 44 per cent plummet in average sales price from the February 2022 peak to December 2022.
During the pandemic, with more people working remotely, there was a flight from urban centres and a subsequent spike in suburban house prices as homeowners pursued a bigger bang for their buck, experts say. That run-up, until February 2022, saw prices skyrocket in Durham, Peel, and York. The bubble burst when the economy reopened and interest rates began to climb.
The suburbs have more detached and semi-detached homes, whereas the city has more condos, said Yolevski. Because condos cost less, when there’s less sales activity the average sales price won’t fall as drastically. Innisfil boasts bigger, more expensive, new construction builds. The high cost of materials and construction labour contributed to bloated prices, he added. The average sales price in February 2022 was just below $1.2 million. In December it was just over $700,000. “The higher home price in Innisfil was reflective of the product that was selling.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sudbury apartment fire displaces 30, leaves one in hospitalThe fire occurred on Jan. 28 at Benvenuto Apartments on Ramsey View Court
Read more »
After 30 years, 'Mama and Papa' bid farewell to popular CB Drive InnThe Lees have owned and operated the Calgary staple CB Drive Inn since the early \u002790s. Now, they\u0027re handing the reins to the next generation
Read more »
'Mama and Papa' bid farewell after 30 years at popular Calgary drive-inThe Lees have owned and operated the Calgary staple CB Drive Inn since the early \u002790s. Now, they\u0027re handing the reins to the next generation
Read more »
Your daily horoscope: January 30Your daily horoscope
Read more »
Around Town Monday January 30 HabitatOne of the toughest tasks for Gerrad Oishi, president and CEO of Habitat for Humanity Southern Alberta, is finding suitable land to build industry\u002Dleading…
Read more »
Letters Jan. 30: Trees cover, death in supportive housing, $14M for washrooms
Read more »