A new report reveals that home prices in the Greater Toronto Area (GTA) continue to decline compared to last year. According to the Regional Real Estate Board, the average selling price fell by 7.1% to $1,008,968, while the composite benchmark price dropped by 7.9%.
The report also highlights the possibility of finding lower-priced homes in specific neighborhoods. The platform “Wahi” published its monthly list of the most expensive and most affordable neighborhoods based on average selling prices during February.
The least expensive neighborhoods were largely concentrated in condominium-heavy areas, such as downtown Mississauga, where many units sold for under $400,000. The average selling price in the city center was $475,000, with 39 homes sold in an average of 34 days.
The most affordable neighborhood was Queen Street in Brampton, with an average price of $407,000, where five properties were sold in about 37 days. It was followed by Flemingdon Park in North York, with an average price of $452,000, where nine properties were sold in an average of 65 days.
On the other end of the market, the most expensive areas were dominated by large, upscale homes. Eastlake in Oakville topped the list with an average price of $2.458 million, where nine homes were sold in about 41 days. It was followed by Kingsway South in Etobicoke at $2.298 million, and Ledbury Park in North York at $2.281 million, where sales were completed relatively faster.
