WHAT'S HAPPENING IN THE MARKET?
According to the Toronto Regional Real Estate Board (TRREB), GTA sales went down by 34% this August since last year but went up by almost 15% from the month prior. Buyers are starting to return to the market to take advantage of the decrease in home prices. 

The average selling price for August 2022 had an overall increase of almost 1% compared to August 2021 and compared to last month (July 2022), prices increased by $5,770 from $1,073,730.  



Looking at the prices on a month-to-month basis, the decrease is evident in most home types, specifically Semi-Detached homes which are down by 7.35%. Detached properties, however, are up by 1.26% which was the first increase it had since March of this year. 



Observing the average selling price in the GTA from the past 5 years, we still continue to see the similarity between the trend of 2017 and 2022. 

In this trend, we continue to see the prices in August remain almost stable until September when we are expecting to see a slight increase in prices. 

We experienced a decrease of 34.5% compared to August of last year when comparing the number of total transactions.  


We continue to see a record low of transactions, the lowest being in August of 2002 with 5,344 total transactions. 

Compared to August of 2021, the number of active listings went up by 62.3%, however, it is a 13.2% decrease from last month (July 2022) which ended with 15,335 active listings. 

If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

Sign up to join our mailing list! You will receive monthly GTA Real Estate Market Updates directly to your email as soon as they are recorded.


...

WHAT'S HAPPENING IN THE MARKET?
According to TRREB, GTA home sales fell 47% from the same time last year and 24% from this past June. Canada's key interest rate was increased by 1% in mid-July, making it the largest hike the country has seen in 24 years. Because of this, the cost of carrying a mortgage has increased, encouraging people to rethink their housing intentions. Prospective buyers are waiting for a further decline and sellers are debating between what they can get from their homes or waiting for the market to turn back in their favor. 

Looking at July 2022, the average selling price in the GTA was $1,074,754. There was a yearly increase of 1.2% and when compared to last month (June 2022), the average selling price has decreased by $71,500 from $1,146,254.

This decrease in price is evident across all home types. The highest decrease is observed in Detached and Semi-Detached properties, down 6.34% and 4.48% respectively. These were closely followed by Condo Apartments. This month, Condo Townhouses and Townhouses experienced the lowest price.

Observing the average selling price in the GTA from the past 5 years, we still continue to see this year following most closely the trend of 2017.


This trend is expected to continue to decrease into September when we are likely to see some adjustment in price.


Comparing total residential transactions from July of last year, we experienced a 47.7% decrease in transactions. 

Most notably, there was a record low number of transactions we've seen since July of 2002. 

Last month, we ended June with 16,094. Since then, the supply of homes has decreased 4.9% by 759 and when comparing the inventory from July of last year, there was a 57.6% increase. 


Months of Inventory (MOI) is the ratio that represents the number of months it would take to completely sell the homes that are currently listed for sale. This number is an important measure when determining the supply and demand in the housing market.

We can see the MOI increasing mainly due to the increase in inventory and the fact that the number of transactions is lower. Analyzing the numbers, it appears that we are moving towards a neutral or potentially a buyer's market.


If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

Sign up to join our mailing list! You will receive monthly GTA Real Estate Market Updates directly to your email as soon as they are recorded.  



...

WHAT'S HAPPENING IN THE MARKET?
According to the Toronto Regional Real Estate Board (TRREB), the current cooler market conditions of the GTA housing market will persist during these slower summer months. Despite the rising interest rates, mortgage rates, and inflation (now at 7.7%, the highest it's been in 40 years), the market is shifting in the favor of prospective buyers as homes are sitting for sale longer and with less frantic bidding wars. 

Looking at June 2022, the average selling price in the GTA was $1,146,254. There was a yearly increase of 5.2% and when compared to last month (May 2022), the average selling price has decreased by $66,540 from $1,212,794. 

This decrease in price is evident across all home types. The highest decrease is observed in Semi-Detached and Detached properties, down 6.65% and 6.10% respectively. These 2 were closely followed by Condo Townhouses and Freehold Townhouses. Condo apartments, similar to last month, experienced the lowest price decrease.

Observing the average selling price in the GTA from the past 5 years, we still continue to see this year following most closely the trend of 2017. 

This trend is expected to continue to decrease until August when we are likely to see some adjustments in price.

Comparing total residential transactions from June of last year, we experienced a 41.7% decrease in transactions. 

Most notably, however, is the record low number of transactions we've seen since June of 2000.

Last month, we ended May with 15,435. Since then, the supply of homes has increased 4.27% by 659 and when comparing the inventory from June of last year, there was a 42.5% increase. 

Months of Inventory (MOI) is the ratio that represents the number of months it would take to completely sell the homes that are currently listed for sale. This number is an important measure when determining the supply and demand in the housing market.

We can see the MOI increasing mainly due to the increase in inventory and the fact that the number of transactions is lower. Analyzing the numbers, it appears that we are moving towards a neutral or potentially a buyer's market.


If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

Sign up to join our mailing list! You will receive monthly GTA Real Estate Market Updates directly to your email as soon as they are recorded.  


...


WHAT'S HAPPENING IN THE MARKET?
According to the Toronto Regional Real Estate Board (TRREB), the Greater Toronto Area (GTA) housing market is becoming more balanced as the number of total residential transactions is down almost 40% from last year and prices rose almost 10% year over year. The main contributors to the drop in sales are the higher borrowing costs associated with interest rate hikes, as well as inflationary pressures. 

Looking at May 2022, the average selling price in the GTA was $1,212,794. There was an overall increase of 9.4% when compared to May of last year. When compared to last month (April 2022), the average selling price has decreased by $41,674 from $1,254,468. 

This decrease in price is evident across all home types. The property type that suffered the most were again Condo Townhouses and Townhouses, down 5.73% and 5.04% respectively. Townhouses were closely followed by Semi-Detached and Detached properties, with Condo apartments experiencing a minimal price decrease. 

Observing the average selling price in the GTA from the past 5 years, we continue to see this year following most closely the trend of 2017. 

This trend is expected to continue to follow until September when we are likely to see some adjustments. 

Comparing total residential transactions from May of last year, we experienced a 39.1% decrease in transactions.

Analyzing the year-over-year total transactions by home type, the type that experienced the highest decline was Condo Townhouses and Detached properties, closely followed by Townhouses and Semi-Detached. 


Last month, we ended April with 13,098. Since then, the supply of homes has increased 17.8% by 2,337 and when comparing the inventory from May of last year, there was a 26% increase.

If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

Sign up to join our mailing list! You will receive monthly GTA Real Estate Market Updates directly to your email as soon as they are recorded. 


 

...
1
2
3