GTA Home Prices Drop, Buyers Gain Leverage

0:00The greater Toronto area real estate market has cooled off a lot since the 2022 peak with buyers gaining leverage amid economic worries and pushing prices way down Take this new market for bedroom home for example It's sold for $1,600,000 back in March, 2022 But after bouncing around the market, it finally went for just $1,000,000,000 this past February a whopping loss of $557,000 The house hit the market several times since then starting with a drop to $1,349,000 in August, too 2022 then up and down through early 2025 and October of that year at $1,149,000 Plenty of potential buyers in the region more than 100,000 according to reports are sitting tight and waiting for prices to stabilize Before jumping in That caution shows in the numbers with February sales down 6.3% from last year to about 3,800 homes and

1:02The average price falling 7.1% to one one million eight thousand nine hundred sixty eight dollars Market watchers at the Toronto Regional Real Estate Board note similar drops across the area like other homes in Brampton Branford and Caledon Selling for four five five thousand to seven hundred and sixty thousand dollars less Than their two thousand twenty two highs if new listings keep dropping this spring experts say buyer competition could heat up Helping prices firm up and sales rebound soon you've been listening to Canada news today AI powered local news