10 October 2019

In case of condos and apartments, the prices rose by as much as 9.6% in Mississauga and 9.2% in Toronto, followed by 7%, 6.7%, and 6.1% gains in Scarborough, Brampton and Whitby, respectively.

Because of the largest GTA price decline (by 3.3% in Richmond Hill), the average home price in Q3 reached $1.08 million. Markham saw a 1.3% annual prices decrease to $962,040.

According to Slightham, these areas of York Region showed strong foreign buyer and speculative activity with sharp prices growth in 2016 and at the beginning of 2017 before Ontario Liberal government took certain measures, including a foreign buyers tax.

“Higher peaks are followed by lower falls, so it will take some time for these areas to rebound”, – he said, noting the worst is already over.

“The inventory was down significantly during the previous year. The market began to recover, and we’ve seen the lowest prices”, – he added.