Areas in GTA suburbs that saw home prices skyrocket during the pandemic now face a real estate collapse with Scugog leading the way with a 44% drop in average sale price from the February 2022 peak to December 2022.
According to data from the Toronto Regional Real Estate Board, all home prices across the GTA have plummeted an average of 21% to $1.05 million in December from last February's sales price peak of $1.33 million as the Bank of Canada quickly raised interest rates to $1.05 million in December. combat inflation.
Economists often define a housing slump by home prices falling by 30% or more, which has become a reality in select sectors of the GTA.
In the suburbs, Scugog experienced the largest drop in median sales price followed by Brock at 39%, Uxbridge at 37%, King at 37% and Innisfil at 35%, according to TRREB data.