The average selling price for all Greater Toronto Area homes saw another drop in December. Here's what you need to know:
On Thursday, the Toronto Regional Real Estate Board released December's housing numbers, showing the average price across all properties was at $1,051,216 – a decrease of about $28,000 from the previous month's figure of $1,079,298.Get the latest local updates right to your inbox
Meanwhile, 4,074 new properties were put on sale in December. That is down from the 5,177 new listings in Dec. 2021. While home selling prices decreased during the latter part of the year, the hot start seen at the beginning of 2022 pushed the average selling price to $1,189,850, up 8.6 per cent in comparison to 2021's $1,095,222.
Meanwhile, TRREB Chief Market Analyst Jason Mercer noted that the lack of new listings explains why home selling prices are still high. He added that the lack of supply and higher borrowing costs have pushed people to opt into the rental market.
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