October 6, 2022 | Market Update

There were 5,038 home sales for the month of September in the Greater Toronto Area (GTA), representing a decrease of 44.1% year over year. One notable difference in September was that new listings were also down compared to September of 2021, with 11,237 new listings, or a 16.7% fall.

The MLS Home Price Index Composite Benchmark was up compared to September 2021 by 4.3%, with the average price falling slightly from $1,135,027 in September 2021 to $1,086,762 in September 2022. Detached homes saw the largest fall in average prices, while condo prices were up by 3.2% year over year. However, the average price was up compared to August of 2022, showing that markets are continuing to adjust to the higher cost of borrowing.

While there continue to be a fewer number of buyers, fewer new listings on the market mean that buyers may still see tighter market conditions in certain areas in the GTA. TRREB President Kevin Crigger noted the importance of continuing to build new homes in the GTA. While there is a temporary dip in housing demand, shortage of supply continues to be a major point of concern. Elected officials must continue to make housing development a priority in the upcoming years.

TRREB CEO John DiMichele also noted the importance of policies that may discourage homeowners from listing their homes, including high upfront costs such as land transfer tax. With prices typically peaking in October, TRREB analysts are looking into the next few months to see where prices are headed.

There is no doubt that transacting in Real Estate has certainly transformed these last few years. We have had the pleasure of servicing our clients through these unprecedented times, andwill continue to do so as the real estate market climate change. Despite the recent cooling of sales, the Toronto Real Estate Market still remains one of the strongest markets in the world, and we can offer our guidance and expertise to help you make the next real estate move that is right for you and find ways to take advantage of the current market. Contact us today for a no-obligation discussion on how we can help you throughout your real estate journey.