Toronto real estate prices are reversing some of the gains made but have a long way to go before they’re gone. Toronto Region Real Estate Board (TRREB) data shows the composite benchmark, or typical home, fell once again in September. Greater Toronto home prices have now shed over $200k in value in just six short months.
Greater Toronto Real Estate Prices Fell Nearly $14k Last Month
Greater Toronto real estate prices are still plummeting. The price of a typical home fell to $1,110,700 in September, down 1.2% (-$13,900) in the month. Prices are still up 4.3% (+$45,300) compared to 12-months ago, but that’s likely to be short lived. Still a substantial gain, but it’s vaporizing fairly fast.
In the City of Toronto, home prices are falling at a slightly faster rate than the burbs. The benchmark fell to $1,104,000 in September, down 1.3% (-$14,300) in the month. Remaining just 5.2% (+$54,600) higher than last year. Once again, this would be a substantial increase in any other market, but the rate of decline is also substantial.
Greater Toronto Real Estate Are Off The Peak
The composite benchmark price of a home across Greater Toronto.
Source: TRREB; Better Dwelling.
Annual Growth Hasn’t Been This Low Since 2019
Both Greater Toronto and City measures of prices are likely to go negative within the next month. TRREB annual growth is now at the lowest rate since 2019 BC (before corona), and is likely to fall into negative territory by next month.
Greater Toronto Real Estate Price Growth Is Decelerating
The 12-month percent change for the composite benchmark price of a home across Greater Toronto.
Source: TRREB; Better Dwelling.
Greater Toronto Home Prices Are Down $224k In 6 Months
It’s hard to emphasize just how fast home prices are falling in Greater Toronto. Prices have dropped 16.8% (-$224,300) since March 2022. That’s the cost of a whole house in some North American cities. In Toronto? It’s the amount home prices fluctuate within a six-month period, apparently.
Price drops sound ominous but zooming out seems like less of an emergency. Greater Toronto home prices are still 37.8% (+$304,700) higher than they were in January 2020. The market retains significant froth, and the downturn is largely the concern of short-term speculators, and not a typical owner
