Wahi’s Weekly Roundup of Top Real Estate Stories

GTA home prices, affordable condos, mortgage rates and more.

By  Jared Lindzon | 2 minute read

Every Friday, Wahi brings you the most important real estate stories from the past week.

The Biggest Losers  

GTA home prices have been falling since last February, but some properties are holding their value better than others. Brock takes the crown for the sharpest value drop at 37%, according to a regional rundown of average low-rise sale prices, from more than $1.12 million in February 2022 to about $713,000 a year later. Next came Caledon with a decline of 36%, followed by Pickering at 33%, Uxbridge at 31%, and Scugog and Oshawa at 31%. On the other end of the spectrum, homes in Richmond Hill only saw a 14% drop, while Toronto home prices only declined by 15%.

The Most Affordable Condos in the GTA   

Those looking for an affordable condo in the GTA should begin their searches in Oshawa, according to a recent Wahi analysis. That’s because the Durham town features the lowest average selling price for condos in the region, at just over $505,000. The next most affordable condo markets can be found in York, Clarington, and Scarborough, where sales average below $600,000, followed by Brampton, where they go for just below $612,000. That’s one heck of a discount when compared against Oakville, the GTA’s most expensive multi-family housing market, where condos averaged $990,000 in February, followed by Old Toronto, at over $825,000.

More Homes Being Sold by Force  

It’s not every day that a home is put on the market without the owner’s consent, but there is evidence that these rare “forced sales” are becoming less so. According to the Toronto Star numerous mortgage brokers have noticed an uptick in such events as of late. A forced sale typically only happens when borrowers are unable to make their mortgage payments, causing their lender to put the home on the market without their consent. With elevated interest rates it’s sadly no surprise that more Canadians are finding themselves unable to hang onto their homes.

With Inflation Falling, So Will Mortgage Rates   

Inflation is slowing more rapidly than expected in Canada, which has financial analysts optimistic that interest rates have reached their peak. Statistics Canada reported on Tuesday that consumer prices had increased 5.2% in February as compared with one year prior, representing a significant drop from the 5.9% measured in January and even more so when compared against the 8.1% measured in June. Analysts are now optimistic that inflation is in decline, and expect interest rates to follow, bringing some much-needed relief to borrowers and teeing up a scorching hot summer in the GTA’s housing market.

Market Optimism Remains High   

Despite the volatility of late most Canadians still have faith that real estate investments will pay off in the long run. According to a recent survey conducted by Sotheby’s International Realty Canada 60% of city-dwelling Canucks between the ages of 18 and 77 believe home purchases will perform the same or better than other investments over the next decade, and nearly half believe it’s still the best way to invest their money over the next 12 months.