The GTA's property values have changed drastically in the last year. Richmond Hill has proven the most resilient. Brock region, on the other hand, less so. JohnPasalis | ronmortgageguy | DavelleMorrison | GTA propertvalue realestate realestatenews
Places like Brock, Caledon, and Pickering — cities that saw prices surge not long after the onset of the pandemic — all experienced the greatest price drops between February 2022 and February 2023, at -37%, -36%, and -33%, respectively. During the February 2022 peak, average low-rise home prices in Brock reached a shocking $1,124,119. By February 2023, they had dropped to $713,042.
So, what does this all mean? Clearly, there is a lack of supply of low-rise, single-family homes in Toronto helping to maintain prices. We know that. But does it also reflect a move away from the pandemic-inspired perceived greener pastures offered outside of the city core now that the pandemic is finally in the rearview mirror?
That’s not to say the figures aren’t telling. “On one hand, you can look at aggregate average home prices and glean some information, and I think it’s reasonable to say it would suggest we have tighter market conditions closer to the core, but it’s important to note that the mix of homes sold from one year to the next can change, and that can impact your average selling price as well,” says Mercer.
“One of the tenants of purchasing real estate is ‘location, location, location,’” says Morrison. “It’s not just because I am a City of Toronto dweller that I tell people that the best value for your buck is buying a house in the city. That chart proves it statistically. All of the outlying areas were the ones that had the most dramatic price drops. If you pick a good location, then your real estate value is going to stay higher than other areas.
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