Toronto’s detached real estate continues to explore where prices should be. Numbers from the Toronto Real Estate Board (TREB) show detached prices are starting to fall across Greater Toronto. The lower prices were accompanied by lower sales, and higher inventory. Sounds bad, but that means the market is now adopting healthy market mechanics. Healthy market mechanics is a good sign that the market will normalize.
Detached Prices Fall Below Inflation
The benchmark price, which is the typical price of detached home, is slightly higher. TREB reported a Greater Toronto benchmark of $907,100 in January, a 0.25% increase compared to last year. The benchmark in the City of Toronto is now $1,080,800, a 0.37% increase compared to the same time last year. Both of these numbers are up, but it’s also worth noting these are both well below inflation. Slowing or negative growth is needed to correct last year’s market frenzy.