The Average House Price In The GTA Went Up By Over $280K From February Last Year
Ouch...
Well, it seems like the real estate market in GTA can actually look bleaker because the average house price shot up by nearly 28% compared to last year.
The Toronto Regional Real Estate board just dropped their market watch for February and revealed the average selling prices for all homes rose to $1,334,544 in the GTA. This is $289,587 more than what homes went for in February 2021, when it was selling for $1,044,957 on average.
Compared to this past January, the average house price jumped up by over $90,000 when it was $1,242,760 on the GTA real estate market.
"Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm," TRREB President Kevin Crigger said.
"Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales."
Even though fewer people became first-time homeowners this past February compared to last year, it was the second-highest sales record for the month in history.
So, how do average house prices compare across the GTA?
Well, according to the report, anyone who is looking to buy a house in Toronto can expect to cough up $1,210,889 for their dream home, which isn't the most expensive price in the GTA real estate market.
Anyone looking to settle down in the York Region will have to shell out the most money on average if they want to buy a house at $1,587,603, with King taking the crown with the most expensive average house prices at $3,218,432. Yikes.
Orangeville currently boasts the most "affordable" homes in the GTA with houses going on the market at an average cost of $1,049,670.
Best of luck to anyone looking to settle down!