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Greater Toronto Real Estate Housing Market Update

Toronto Real Estate July 2022 Housing Market Update

There were 4,912 home sales in July 2022 – down by 47% compared to July 2021. Sales were also down compared to June of this year. New listings also declined by 4% on a year-over-year basis. Market conditions remained more balanced compared to last year as buyers continued to benefit from more choices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 12.9% year-over-year. The average selling price was up by 1.2% to $1,074,754 when compared to July 2021. Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.More...

Read Full Market Stats Report

Some interesting facts about the real estate market activity in July:

Number of homes for sale: 15,334

Number of homes sold: 4,912
Average Number of homes AVAILABLE for a buyer to see: 3.12
Average Sale to List Price: 99%
Average Days on Market: 16
Average Price Increase from 2021 13.2%

So how do we interpret this data? Right now it is still a Seller’s Market. Almost 5000 homes sold so the fact is buyers are buying homes in the GTA. The number of homes available for sale continues to be low.

The average price is up from 2021 while prices are down from the huge increases we had at the start of the year. The market continues to adjust.

The fundamentals of Toronto’s economy haven’t changed. Unemployment is low, immigration continues to be high and rental rates are increasing. The high demand and a lack of supply is exactly what has caused the sharp increase in prices of homes and rentals! This will not change in the near future without some massive changes and acceleration of government policies.

The start of August saw a reduction in fuel prices, welcome relief to all of us! The fight against rising inflation will hopefully impact/control interest rates and bring back more affordable borrowing rates to the many people waiting on the sidelines to make a move. I don’t know how long this adjustment in sharp price increases will continue, but I know that once public confidence is restored, prices will continue to increase quickly again.

When a house is priced right, it sells very quickly close to or over the asking price. So YES, multiple offers are still taking place. A house can sell itself, but how long it takes and the price one gets is dependent on the effectiveness of the following:

- Preparation/presentation of a home
- A strategic pricing plan
- Promotion and interaction with other Realtors
- An aggressive marketing plan
- An Experienced negotiatiator.

I believe this is a great time to purchase a bigger home or an investment property, because no one can predict the future. Think 5-10 years from now and look back on previous unpredictable times like 2018, 2008 and others. Seeking the top or the bottom of the market rarely ends well so if you are ready...."just do it."

By the way, I will be away in Israel from August 19th – September 5th on a lifelong dream trip with my immediate family of 14. We will be celebrating delayed and upcoming Bar & Bat Mitzvahs for 4 of 6 grandchildren. In my absence I will have a colleague on call to help you and will provide that information next week. I will be reachable but response times will be slow.

In the meantime, if you are looking ahead to doing something in September or October, message me now and let’s get started. After all, you have a friend in the business who wants to see you succeed and live the good life!

Have a great rest of the summer!

Sam Chaim⁠ - Making A Difference For You!
Re/Max Realtron⁠

Toronto Real Estate June 2022 Housing Market Update

June 2022 Stats are out & borrowing costs continued to impact the amount of homes sold. 6,474 sales occurred last month, down by 41% compared to last year's strong result. The number of transactions was also down compared to May 2022, but this is often the case due to the seasonal nature of the market. The average selling price, at $1,146,254, remained 5.3% above the June 2021 level, but continued to trend lower on a monthly basis. The MLS® Home Price Index Composite benchmark was up by 17.9% year-over-year, but also experienced a month-over-month dip compared to May. Annual price growth was driven more so by less expensive market segments, including townhouses and condominium apartments. While the number of transactions was down year-over-year, the number of new listings was little changed over the same period. This has provided for more balance in the market, resulting in a more moderate annual pace of price growth.More...

Toronto Real Estate May 2022 Housing Market Update

Market conditions continued to evolve in response to higher borrowing costs last month. Similar to April results, May 2022 sales were down on a monthly and annual basis. However, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power and as a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis. There were 7,283 sales in May 2022 – down 38.8% compared to May 2021 and down 9% compared to April 2022. The number of new May listings was similar to last year’s level and edged up on a month-over-month basis. With sales down and new listings trending flat to slightly up, the number of active listings was up on a year-over-year basis by 26%. Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4%. Composite Benchmark was also up on a year-over-year basis by 23.9%. On a month-over-month basis, both price metrics were lower, reflecting more balanced market conditions.More...

Toronto Real Estate April 2022 Housing Market Update

The GTA housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. There were 8,008 homes sold in April 2022 – a 41.2% decrease compared to April 2021 and a 27% decrease compared to March 2022. On a year-over-year basis, the decline in sales was greater in the ‘905’ area code regions surrounding Toronto, particularly for detached houses. The benchmark price was up by 30.6% year-over-year in April 2022 but was down in comparison to the March level. The average selling price, at $1,254,436, was up by 15% compared to April 2021, but down compared to the average selling price of $1,300,082 in March 2022.More...

Toronto Real Estate March 2022 Housing Market Update

There were almost 11,000 Greater Toronto Area (GTA) home sales reported in March 2022, capping off the third-best March and second-best first quarter on record. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million. The average selling price dipped slightly month-over-month, bucking the regular seasonal trend. New listings were also down on a year-over-year basis, but by a much lesser annual rate than sales. This suggests that while market conditions remained very tight, home buyers did not experience the same level of competition from other buyers compared to a year earlier.More...

Toronto Real Estate February 2022 Housing Market Update

February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support double-digit price growth year-over-year. There were 9,097 sales reported through the Toronto Regional Real Estate Board's (TRREB) MLS® System in February 2022, representing a 16.8 per cent decrease in the number of sales compared to February 2021. The supply of listings for low-rise home types (detached, semi-detached and townhouses) was also down year-over-year, but not by as much as sales. In the condominium apartment segment, particularly in Toronto, new listings were up in comparison to February 2021.More...