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Toronto Market Update – July 2022

Toronto Market Update – July 2022

Britt Huggins, Toronto real estate agent, here to talk about the June 2022 Toronto Real Estate Market Stats. With interest rates on the rise and buyers choosing to hold off, we have seen the number of real estate transactions continue to decline when viewing June 2022 numbers.

The number of transactions (sales) are down 42% across the G.T.A, which has allowed some normalization when it comes to the appreciation of pricing. Prices are still up 5% when compared to June of 2021, which is more in line with the historical appreciation of residential real estate over the past 30 years which is on average 6% per year. We saw the market peak in January & February of 2022 by 20-30% in certain markets like Durham and Brampton, which was not sustainable. As much as it may pain some of you (people who had plans to list after this peak), it is a good thing to see the market normalize.

With fewer homes being purchased and active listings on the rise, we plan to see some decreased pressure on sale prices. If you have had your skin in the game (owned your home) for a long time, you can sit back and enjoy the fact that your asset has grown heavily over the recent years and as a buyer, there will be more of a selection and less pressure pull the trigger. You know what that means…it’s a great time to buy an investment property. Prices are decreasing, rent is increasing, and you should call us about finding you the perfect investment property to grow your wealth! As I always say, the best time to buy…was five years ago!

When gearing down on the condo market, we are still seeing some growth as this has become the more affordable class when compared to others. The demand for new construction is slowing significantly due to inflation which will lead to (drumroll please) more delays in pre-cons! Which anyone who has purchased a new build knows all about already!

GTA Real Estate Market Stats

When looking at all home types in June 2022, the average sale price in the GTA was up 16.9% to $1,257,257 year to date, when compared to June 2021. When zooming in on condos, prices were up 9.3% to $793,124 year to date, when compared to this time last year.

Toronto Real Estate Market Stats

When looking at all home types in June 2022, the average sale price in Toronto was up 13.7% to $1,195,412 year to date, when compared to June 2021. When zooming in on condos, prices were up 7.5% to $771,267 year to date, when compared to this time last year.

Mississauga Real Estate Market Stats

When looking at all home types in June 2022, the average sale price in Mississauga was up 14.6% to $1,168,653 year to date, when compared to June 2021. When zooming in on condos, prices were up 13.3% to $659,539 year to date, when compared to this time last year.

Oakville Real Estate Market Stats

When looking at all home types in June 2022, the average sale price in Oakville was up 15.5% to $1,693,506 year to date, when compared to June 2021. When zooming in on condos, prices were up 19.3% to $847,250 year to date, when compared to this time last year.

Durham Region Real Estate Market Stats

When looking at all home types in June 2022, the average sale price in Durham Region was up 22.1% to $1,098,851 year to date, when compared to June 2021. When zooming in on condos, prices were up 22.5% to $639,709 year to date, when compared to this time last year.

Brampton Real Estate Market Stats

When looking at all home types in June 2022, the average sale price in Brampton was up 13.7% to $1,258,201 year to date, when compared to June 2021. When zooming in on condos, prices were up 15.2% to $593,633 year to date, when compared to this time last year.

If you have any specific questions about your neighbourhood or other micro-markets, please feel free to contact the SO&Co. team!

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