Real estate prices across Toronto and the Greater Toronto Area (GTA) have taken a pounding since reaching record highs in February.
In February, the Toronto Regional Real Estate Board (TRREB) reported an average GTA sale price for all dwelling types combined of $1,334,544. In TRREB’s July report, that average fell to $1,074,754 — a 19.5 per cent decline in just five months.
Prices have fallen further in some areas than others, with Durham Region leading the way with a 26.6 per cent decline. Southern areas of Simcoe County were a close second with a 24.8 per cent decline in average prices, followed by York Region at 19.7 and Peel Region at 19 per cent. Real estate prices have fallen 18.1 per cent and 15.8 per cent in Halton Region and Toronto, respectively.
Graph showing average sale price for all dwelling types combined in Toronto, Peel Region, York Region, Halton Region, Durham Region and parts of Simcoe County between February 2022 and July 2022.
Durham Region led the way in price declines for detached homes, seeing a 29.1 per cent decline, followed by Toronto and Simcoe County both at 26.9 per cent. Detached units sold for 20.7 per cent less on average in July compared to February, while detached ditched home in Peel Region have dropped 20.3 per cent and 19.9 per cent in Halton Region.
Graph showing average sale price for detached homes in Toronto, Peel Region, York Region, Halton Region, Durham Region and parts of Simcoe County between February 2022 and July 2022.
Semi-detached homes broke down a little differently. Durham also saw the steepest decline for that segment at 25.8 per cent, followed by York at 25.4 per cent and Peel at 25 per cent. Semi -detached home prices in Halton declined by an average of 22.9 per cent, with Simcoe seeing a 15.5 per cent drop followed closely by Toronto with 15.4 per cent decline in average price for semi-detached units.
Graph showing average sale price for semi-detached homes in Toronto, Peel Region, York Region, Halton Region, Durham Region and parts of Simcoe County between February 2022 and July 2022.
Condo apartment prices have fared a little better in most regions outside of Simcoe, which has seen condo prices tumble 35.2 per cent since February. Durham condo apartments have lost 17.3 per cent in value over the past five months, with Peel Region and York Region condos seeing 15.3 and 13.5 per cent declines, respectively.
Toronto condos fared a little better, seeing only a 9.5 per cent decline between February and January. Condos in Halton Region have held their value the best so far, only declining by 4.2 per cent.
Graph showing average sale price for condo apartments in Toronto, Peel Region, York Region, Halton Region, Durham Region and parts of Simcoe County between February 2022 and July 2022.
The table below shows a breakdown of how much the average price for all dwelling types combined in all cities and towns monitored by TRREB have fallen since the GTA market peaked in February.
Table showing how much average real estate prices have fallen since peaking in February 2022 in all GTA markets monitored by the Toronto Regional Real Estate Board.
