Sales of homes under $500K booming in the Greater Toronto Area

Home sales and prices in the Greater Toronto Area are down, with the average home price at $1,107,463, a 4.1% drop from last year. However, condos priced under $500,000 are seeing a surge, especially in Halton and Peel regions. Sales of condos between $400,000 and $499,999 rose 20%, while those between $300,000 and $399,999 increased 55%. These lower-priced condos are selling slower but face less competition.