I hope you all enjoyed the extra hour we were gifted this weekend! Yes, the days are technically shorter, but I certainly took advantage. We’re back with another Toronto Real Estate Market Update. I’m Britt Huggins, a Toronto real estate agent on the SO&Co. team and it’s time to take a look at the October stats.
We saw some consistency in the October pricing compared to last month. The average price of a home (all home types included) in the GTA as of October was $1,089,428 compared to $1,086,762 in September (year-over-year). It’s nice to see the average price remain stable, but too soon to say a trend. When we compare this October to last year, there was a price drop of 5.7% ($1,155,345 to $1,089,428), all things considered, not too bad.
One of the biggest changes we saw was the number of homes for sale. Inventory was up 68% compared to this time last year. By the end of October, there were 13,000 homes on the market compared to 7,750 in October 2021. We also saw a huge difference in the number of transactions this October compared to 2021. Monthly sales dipped by 49% from 9,783 last October to 4,961 last month, there is less pressure to buy, more options and people can take their time.
We understand that it’s tough watching the value of your home depreciate; however, there is a silver lining to home owners in the GTA. There is still a demand for homes in the Greater Toronto Area. As our population grows, so does the demand for real estate. Even in today’s market, inventory is around 2.63 months, which means if there were no more home listed as of today, it would take just under 3 months to sell out of all residential homes. Before we see a huge shift in pricing, there needs to be much more inventory and that’s simply just not the case.
Let’s shift our focus to the for a minute to the condo market. Condos appreciated 2% in the GTA when looking at October 2022 compared to October 2021. Again, this isn’t a trend to take too serious at the moment, but condos continue to be fabulous, affordable option to owning real estate in Toronto.
Let’s drill down on some more specific regional stats, mainly the GTA, Toronto, York, Durham Region, Mississauga, Oakville, and Brampton. For those who are not familiar, year-over-year looks at a 12-month change and year-to-date looks at a change relative to the beginning of the year, usually January 1st.
GTA Real Estate Market Stats
When looking at all home types in October 2022, the average sale price in the GTA was up 10.8% to $1,203,916 year to date, when compared to October 2021. When zooming in on condos, prices were up 1.8% to $716,515 year to date, when compared to this time last year.
Toronto Real Estate Market Stats
When looking at all home types in October 2022, the average sale price in Toronto was up 9.3% to $1,152,722 year to date, when compared to October 2021. When zooming in on condos, prices were up .1% to $740,374 year to date, when compared to this time last year.
York Region’s Real Estate Market Stats
When looking at all home types in October 2022, the average sale price in the York Region was up 9.9% to $1,402,295 year to date, when compared to October 2021. When zooming in on condos, prices were up 2% to $691,091 year to date, when compared to this time last year.
Durham Region Real Estate Market Stats
When looking at all home types in October 2022, the average sale price in the Durham Region was up 13.6% to $1,039,221 year to date, when compared to October 2021. When zooming in on condos, prices were down 2.8% to $553,443 year to date, when compared to this time last year.
Mississauga Real Estate Market Stats
When looking at all home types in October 2022, the average sale price in Mississauga was up 12% to $1,130,192 year to date, when compared to October 2021. When zooming in on condos, prices were up 7.4% to $648,801 year to date, when compared to this time last year.
Oakville Real Estate Market Stats
When looking at all home types in October 2022, the average sale price in Oakville was up 12% to $1,645,715 year to date, when compared to October 2021. When zooming in on condos, prices were up 6% to $824,237 year to date, when compared to this time last year.
Brampton Real Estate Market Stats
When looking at all home types in October 2022, the average sale price in Brampton was up 16% to $1,187,358 year to date, when compared to October 2021. When zooming in on condos, prices were up 2.4% to $524,825 year to date, when compared to this time last year.
That was a lot to take in, we know these numbers can be confusing. As always, we are here to assist you with all your real estate needs, feel free to reach out with any questions and one of our real estate experts will get back to you!
