Toronto Home Prices Have Dropped to Pre-Pandemic Levels

After months of decline, the price of a detached house in Toronto is now essentially the same as it was pre-pandemic.According to the latest data from the Toronto Regional Real Estate Board, the median price for a detached Toronto house was $1.28 million in July, just $50,000 less than the $1.23 million median price seen before the pandemic in February 2020. It's no secret that prices have been steadily declining in the city over the past several months, with the July data showing a $95,000 drop from the previous month and a $395,000 decline from the market's February peak.

The GTA Real Estate Market

Although municipalities like Peel, York, Halton, and Durham have all seen significant price declines since the market downturn began earlier this year, they’re not yet anywhere near pre-pandemic prices. York, for example, had a median detached home price of $1.46 million in July, which is still up from the region’s February 2020 median of $1,163,500. Durham, Peel, and Halton prices are still up $235,00, $282,000, and $266,800, respectively.

The Fall Real Estate Market

Summer typically sees a decrease in real estate sales with an uptick in the fall. It's unclear if Toronto prices will continue to drop below pre-pandemic levels or if the suburbs will catch up to February 2020 levels.