The Toronto area saw the average home price drop for the seventh consecutive year-over-year decline in August. Detached home prices, down 10%, fell more than other property types.

The average sales price for all property types has dropped by more than 23 per cent in the GTA (Greater Toronto Area) since the February 2022 price peak. See, Toronto-area home prices continue to slide — with detached homes plummeting 10%:

It’s difficult to say why prices for detached homes dropped more than other property types, Mercer said, but the variation in detached homes from the more affordable to the ultra-luxury segment can greatly impact the drop in detached home prices.

For sales, semi-detached homes saw the largest sales increase year-over-year by almost 18 per cent. That’s because the supply is more affordable for single-family homebuyers and a more “realistic entry-point” for those looking to buy their first property, he added.

“This is even with lower borrowing costs and selling prices over the past year,” he added.

Meanwhile, in cottage country, those who bought during the pandemic are struggling to unload those properties. Many would-be sellers are planning to relist in the spring.

John Fincham, broker at Re/Max Parry Sound Muskoka Realty, joins BNN Bloomberg to discuss the Ontario cottage market. Here is a direct video link.

Truth Is: Bad News! In the last 6 weeks a lot of Realtors & Mortgage Influencers are spinning the story Ontario Real Estate is BACK BABY! Let’s take a close look at reality & the reality is NO GOOD. Let’s look at the truth about Cottage Country Closed, 905 Value Free Fall, some 416 low-rise getting wobbly. Here is a direct video link.