Average home prices in the Greater Toronto Area have dropped down to levels seen over 16 months ago, according to a new report.
Canadian brokerage Zoocasa issued a report on Monday outlining the last time home prices in major housing markets across the country were as low as they currently are.
Home prices have been decreasing since the latter end of 2022 primarily due to eight consecutive key interest rate hikes by the Bank of Canada.
Zoocasa obtained its data from the Canadian Real Estate Association for its study.
The average price of a home in the GTA hit $1,078,900 in Jan., almost as low as the average sale price seen in Sept. 2021. ($1,065,300).
“The demand for housing in Ontario coupled with consistently low supply and an evergrowing population keeps prices in the province high. Affordability was strained prior to all this price growth, which meant that as prices increased, buyers had to put their goals on hold or take their dollars to more affordable cities (and even provinces),” the report reads.
Prices in five Ontario housing markets are also back to levels observed in February 2021, including Hamilton-Burlington, Kitchener-Waterloo, London-St. Thomas, Mississauga and Ottawa.
Sault Ste Marie is the only city in Ontario to have a current benchmark price resembling an average home price last year ($275,800 in January compared to $273,100 in Feb. 2022).
Meanwhile, average home prices have declined the least in the Praries and on the east coast, including in St. John’s, Price Edward Island, Halifax and Calgary.
