If you’re looking to buy, you can breathe a sigh of relief, although prices continue to be steep.
After a frenzied selling period in the Greater Toronto Area from last fall to April, York Region is suffering among the worst drop in prices of resale detached homes in the GTA, according to new numbers from the Toronto Real Estate Board.
On a list of eight GTA communities where prices have plunged by at least 20 per cent since April, York Region takes five spots, more than any other area.
Whitchurch-Stouffville tops the list. Prices have plummeted 26 per cent to an average of $1.025 million.
Newmarket is next. Prices have fallen 24 per cent to $901,005.
In third place, Aurora and Markham tie Toronto West, where prices in all three communities have dropped 23 per cent. The average resale detached house in Aurora now sells for $1.144 million, while in Markham it goes for $1.319 million.
In sixth place is Richmond Hill, where prices have fallen 22 per cent to an average of $1.467 million.
Rounding out the list are Oshawa, where prices have dropped 22 per cent to $523,943 and Clarington, where prices have plunged 21 per cent to $550,677.
Georgina is the only York Region community on the list of prices that have fallen between 15 and 20 per cent since April. Prices have dropped 15 per cent to $604,838.
Of the six communities where prices have dipped 10 to 15 per cent, Vaughan tops the list. Prices have dropped 14 per cent to $1.349 million.
East Gwillimbury is sixth. Prices have fallen 10 per cent to $966,047.
The only GTA communities that saw house prices increase since April were Halton Hills and Scugog.
Frank Polsinello, of Remax Polsinello, is surprised how quickly prices have fallen in the region.
He doesn’t blame the dramatic drop on the province’s foreign buyers’ tax introduced in the spring.
Instead, he believes buyers walked away from the frantic market, leaving a glut of inventory on the market.