A freehold townhouse in Brampton that’s been sold four times over the past three years shows just how much home prices have changed since 2019 in the GTA.
The 3+2 bedroom home, located at 8 Pennycross Crescent in Brampton was first sold in July 2019 for $704,ooo.
Just two years later, in September 2021, the townhouse was sold for $1,105,000.
The 4-bathroom house was then sold for $1,260,000 in December 2021, before finally being sold for $919,000 this past month.
Similar to many other houses in the GTA, the townhouse’s price has varied dramatically over the course of the past few years. In fact, the house has roughly varied up to $500,000 in price from 2019 to 2022.
Canada’s housing markert has continued its downward trend in 2022, with volume of home sales down by a third compared to last year, and house prices down by almost 10 per cent.
According to a release by the Canadian Real Estate Association, the average price of a house in the GTA was $1,159,763 in October 2021. Just one year later, the average price had declined down to $1,098,502, representing a 5 per cent change.
Recent data from the Toronto Region Real Estate Board also shows the average price across all property types was $1,079,398 in November 2022, compared to $1,089,428 in October, decreasing by roughly $10,000.
Overall, home prices in Toronto have dropped about 5.5 per cent in the last month, and are more noticeable in detached (11.3 per cent) and semi-detached homes (13.9 per cent).
Last February, the average price across all property types in Toronto peaked at $1,334,062, and hit a low of $1,073,242 in July.
According to Re/Max Canada’s housing market outlook for 2023, the average price of a house in the GTA is expected to drop by almost 12 per cent in the next year.