Successive interest rate hikesbrought balance back to the Greater Toronto Area real estate market in July, leading to the first monthly price decline the region has seen since January.
According to the latest data from the Toronto Regional Real Estate Board (TRREB), the average selling price in the GTA hit $1,118,374 in July, a 5.3% drop from June.
The City of Toronto registered an even greater decline, with the average home price falling $7.4% month over month to $1,066,184. The city’s overall decline was outpaced further still by detached homes, which saw average prices fall 8% on a monthly basis to $1,641,045 in July.
Although the price point keeps the sought-after property type out of reach for many prospective purchasers, there are a number of neighbourhoods in Toronto where detached abodes can be found for far less.
According to TTREB here are the Freehold homes under $1 Mil currently available in Milton and Mississauga. We also calculated the minimum down payment required for a home in each area based on the Government of Canada’s guidelines.
Of the 35 neighbourhoods included in the report, there are only two where the median price of a detached home sits below $1M. Meanwhile, there are seven where the price is over $2M.
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