People come first – and it shows!
Read on for our breakdown of TRREB’s monthly market watch and the key takeaways you need to know for September 2022!
Toronto’s housing market stats have revealed some dramatic shifts, per TRREB’s latest release of market watch statistics, reflecting an ongoing price adjustment owing to the rise of mortgage rates. And while the significant drop in transactions and subsequent decrease in volume of sales across the GTA has become concerning for many, these numbers have resulted in a considerably less severe dip in the average price (compared year over year from September 2021). When historical data is taken into consideration, as well as the unprecedented past few years of market activity, it’s important to remember that these ebbs and flows, while alarming at first glance, are to be expected through this process as the market re-settles.
5,038 residential home transactions took place in September 2022, down from 9,010 in September 2021 – a decrease of 44.1%.
The average sale price for September 2022 was $1,086,762. This is a decrease of 4.9% over September 2021, when it was $1,135,027.
There were 11,237 listings available for September 2022, which is a 16.7% decrease from September 2021 (when there were 13,494).
The average property spent 35 days on the market, compared to 19 last year – an increase of 84.2%.
Per TRREB’s Chief Market Analyst Jason Mercer:
“With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighborhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month.”
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