Average Toronto home prices continue to fall on a year-over-year basis [ March 2023 ]

Average Toronto home prices continues to fall on a year-over-year basis, dropping a record-breaking 17.9 per cent between February of 2022 and February of 2023, per newly-released market data.

Newly-released market data shows that the average prices of homes in Toronto have continued to decrease on a year-over-year basis, with a record-breaking drop of 17.9% between February 2022 and February 2023. The average price of homes in the Greater Toronto Area (GTA) that sold for $1,334,062 last year at this time has now decreased to $1,095,617, which is the sharpest decline ever recorded since the tracking of this metric began in 1988.As per TRREB ( https://trreb.ca/index.php/market-news/market-watch ) 

" February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year."

According to Toronto Regional Real Estate Board (TRREB) President Paul Baron, it has been nearly a year since the Bank of Canada initiated the increase of interest rates. During this period, home prices have declined from the record peak reached in February 2022, which has helped to offset the impact of the higher borrowing costs. Additionally, a significant number of homebuyers have opted to purchase less expensive homes to counterbalance the increased borrowing expenses. As a result, the percentage of home purchases below one million dollars has increased significantly compared to the same time last year.

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