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Toronto Home Prices Plunge 21% in Nine-Month Downturn, Hitting $1.054 Million Average
Torontos real estate market has experienced a significant downturn, with average home prices dropping 21% over nine months, impacting affordability in the Greater Toronto Area.
- The average property price in the Toronto area is now $1.054 million, marking a 21% decline since the peak in 2022 and a 7% drop from last October.
- This ongoing downturn in real estate prices represents the most severe market decline since the 1990s, underscoring challenges in achieving affordable housing in the region.
- According to the Toronto Regional Real Estate Board, the steep decline in home prices is benefiting active buyers, who are navigating a less competitive market for mortgage loans.
Por Qué Es Relevante
The drop in the Toronto real estate market reflects broader economic trends and raises concerns about affordable housing. As prices decrease, potential homebuyers may find opportunities, but long-term implications for the market and economy remain uncertain.