The GTA average price of November reduced by 19% to compare with the peak record $1,334,544 of February 2022.
The above is a table of the average selling prices in different segments at different areas between the peak February and the previous month of November in 2022 to compare the changes. It may not be an ideal comparison due to the seasonal adjustments. It is purposed to show the property price depending on the local dynamic and neighbourhood in the area.
Detached: Burlington (-32%) and Georgina (-34%); Markham (-17%), Richmond Hill (-15%), Newmarket (-19%) & Stouville (-11%)
Semi-Detached : Burlington (-30%), Caledon (-35%)
Townhouses : Burlington (-30%); Halton Hills (-19%), Mississauga (-18%), City of Toronto (-14%), Markham (-20%), Vaughan (-15%)
Condo/Apartments : Brampton (-24%); Halton Hill (-3%); Toronto Central (-8%), Burlington (-8%). The overall deducation percentages are smaller than other segments because of the demand for first time buyers or investors. The condo affordable prices can reduce the impact on high borrowing cost and mitigate the risk.
"It is officially a buyer’s market in many parts of the GTA as the ratio of sales to new listings continues to slide amid an ongoing housing correction, a new report from a major Canadian bank says." RBC report was released on December 16