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.
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.