It’s time for another Toronto Real Estate Market update. As you all know, this year we have experienced some incredible real estate highs that were simply not sustainable. Let’s take a deeper dive into July’s statistics to better understand the various regional markets.
In early July, the Bank of Canada raised interest rates by 100 points (1%) to aid in settling our economy in hopes of making fewer drastic hikes in the future. It’s safe to say that the rate of appreciation on homes earlier in 2022 was not sustainable along with the hike on gas and food prices. The average price of a home when comparing all types of homes in the Greater Toronto Area increased 1% when comparing July 2022 to this time last year. While sellers may not be too happy about the slow down in prices, this is actually a very healthy thing for our market, as the jump from November 2021 to February 2022 was around 30% and at that rate, few people would be able keep up.
Transactions (sales) are down 34% when compared to this time last year. If you are looking to purchase a home, you have the luxury of much more selection since supply is up 55% from last year at this time and there is less pressure to make a snap decision on buying. Currently, there is approximately 3 months of inventory which means if no more properties were put on the market, we would be sold out of homes in 3 months. As a reference point, during the peak of the market, inventory was regularly at 1/2 a month (two weeks before selling out).
GTA Real Estate Market Stats
When looking at all home types in July 2022, the average sale price in the GTA was up 15.4% to $1,239,973 year to date, when compared to July 2021. When zooming in on condos, prices were up 6.6% to $719,273 year to date, when compared to this time last year.
Toronto Real Estate Market Stats
When looking at all home types in July 2022, the average sale price in Toronto was up 12.5% to $1,178,931 year to date, when compared to July 2021. When zooming in on condos, prices were up 3.9% to $744,092 year to date, when compared to this time last year.
Mississauga Real Estate Market Stats
When looking at all home types in July 2022, the average sale price in Mississauga was up 14.5% to $1,159,195 year to date, when compared to July 2021. When zooming in on condos, prices were up 8.6% to $628,116 year to date, when compared to this time last year.
Oakville Real Estate Market Stats
When looking at all home types in July 2022, the average sale price in Oakville was up 14.9% to $1,678,176 year to date, when compared to July 2021. When zooming in on condos, prices were up 43.3% to $938,359 year to date, when compared to this time last year.
Durham Region Real Estate Market Stats
When looking at all home types in July 2022, the average sale price in the Durham Region was up 19.7% to $1,078,662 year to date, when compared to July 2021. When zooming in on condos, prices were up 17.5% to $544,124 year to date, when compared to this time last year.
Brampton Real Estate Market Stats
When looking at all home types in July 2022, the average sale price in Brampton was up 22.8% to $1,237,102 year to date, when compared to July 2021. When zooming in on condos, prices were up 9.1% to $561,538 year to date, when compared to this time last year.
There you have it, things are finally stabilizing in our market. If you would like further statistics on a different region or neighbourhoods, please do not hesitate to reach out via phone, email or website form!
