The GTA real estate market may finally have come to a head after total sales and average prices plunged by over $50,000.
Data from the Toronto Real Estate Board (TREB) shows that the average real estate price in February was $677,951, down from $725,249 just a year ago.
According to data from the Brampton Guardian, the city is seeing a 6.5 per cent drop in monthly year-over-year prices, and its the first time it’s happened in more than five years.
In February 2017 a detached home would have set you back about $850,433, as of last month it’ll cost you about $788,172, a 7.4 per cent drop.
Semi-detached homes saw a 4.2 per cent drop, with prices coming in at $622,752, down from $649,957.
Townhouse condos and apartment-style condos though have remained unscathed, actually seeing gains. The average cost of townhouses rose 5.4 per cent from $453,062 to $477,452 and apartment condos jumped a whopping 14.9 per cent from $323,221 to $371,409
So if you’re on the market for a detached or semi-detached home this may be the chance you’ve been waiting for to take the leap.