Housing prices still stagnant; Uxbridge homes last in Durham averaging $1 million-plus

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Published September 2, 2022 at 4:30 pm

Home sales in the GTA dipped 34.2 per cent year-over-year last month but actually improved slightly from July sales, which realtors hope represents some support for selling prices in the months ahead.

It could also mean that a greater share of more expensive homes was finally sold last month.

There were 5,627 home sales in total reported through the Toronto Regional Real Estate Board’s (TRREB) MLS System in August, with the biggest decline in the 905 area in condo apartments (40.6 per cent) and townhouses (35.9 per cent), with the townhouse segment hit slightly harder in Toronto.

Price drops were more dramatic in the 905 with a six per cent decline year-over-year for condos and a 3.7 per cent drop for both townhouses and detached homed, two to three times bigger dumps than in Toronto.

Average selling prices in Durham Region have now fallen below the $1 million threshold in every municipality but Uxbridge, where homes are selling for an average price of $1,218,500.

The cheapest homes in Durham are in Brock Township ($705,000) and Oshawa ($745,000), with prices down from last year as much as 10.06 per cent (Brock) and as little as 4.78 per cent (Scugog).

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