Toronto homes are getting cheaper but experts can't seem to agree where it ends Toronto TorontoRealEstate RealEstate
Despite a 12.8 per cent year-over-year spike in the GTA-wide aggregate home price during the second quarter of 2022, rising to $1,167,000, an 8.1 per cent quarterly decline from record-high Q1 prices marks the first quarterly decline in the region since the first quarter of 2018.
Single-family home median prices shot up by 10.5 per cent to $1,437,600 in the second quarter, while median condo prices jumped by 17.3 per cent year-over-year to $738,800.In the 416 proper, aggregate home prices soared by 11.7 per cent year-over-year to $1,245,600, with single-family homes rising 9.3 per cent to $1,694,900 and condos climbing 6.8 per cent to $742,600. It sounds high, but it's much lower than the initial forecast.
Yolevski states that buyer behaviour has"shifted" with would-be purchasers"in a wait-and-see pattern, assessing the impact of further expected interest rate hikes and rising inflation." Summer slowdowns were common in the before times, and after a few years of extreme turbulence, Yolevski says that"the real estate market is experiencing a more normal summer slowdown in activity."
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