I’m back with another Toronto Real Estate Market Update. I’m Britt Huggins, a Toronto real estate agent on the SO&Co. team and this months market update is one you don’t want to miss. We’ve been taken on an incredible real estate ride over the last couple of years and it appears that it isn’t stopping just yet. Let’s take a look at the September market stats for the GTA and surrounding areas, more specifically the GTA, Toronto, Mississauga, Oakville, Brampton and the Durham Region.
When looking at the residential market in the GTA, there was a significant drop in the number of sales. Transactions were down by 44% in September 2022 when compared to this time last year. Despite the dramatic drop in sales, there was only a 4% drop in price, when comparing September year over year. As the mortgage rates continue to rise, the price adjustments continue to settle. As of September, inventory in the GTA was up by 47% to a total of 13,534 homes waiting to be sold.
Historically speaking, this is still not enough homes to end the demand for real estate! It is estimated that Canada will be home to $400 to $500,000 immigrants this year and the supply of homes will continue to be limited.
The rental market remains strong with properties leasing out for 20% higher than previous years. If you are looking for an investment property, it’s a great time, interest rates are up, but so is rent!
We are expecting to see prices continue to drop and/or remain stagnant as the new interest rates become the new normal. Let’s breakdown the residential market stats for the following regions: GTA, Toronto, Mississauga, Oakville, Brampton and Durham Region. The below statistics are based on year to date stats, which means the period between the beginning of the year and the current (present) date.
GTA Real Estate Market Stats
When looking at all home types in September 2022, the average sale price in the GTA was up 12.4% to $1,212,963 year to date, when compared to September 2021. When zooming in on condos, prices were up 3.1% to $730,818 year to date, when compared to this time last year.
Toronto Real Estate Market Stats
When looking at all home types in September 2022, the average sale price in Toronto was up 10.5% to $1,157,553 year to date, when compared to September 2021. When zooming in on condos, prices were up 16.7% to $769,058 year to date, when compared to this time last year.
Mississauga Real Estate Market Stats
When looking at all home types in September 2022, the average sale price in Mississauga was up 13% to $1,141,419 year to date, when compared to September 2021. When zooming in on condos, prices were up 8.2% to $638,382 year to date, when compared to this time last year.
Oakville Real Estate Market Stats
When looking at all home types in September 2022, the average sale price in Oakville was up 13.1% to $1,658,539 year to date, when compared to September 2021. When zooming in on condos, prices were up 5.1% to $732,306 year to date, when compared to this time last year.
Brampton Real Estate Market Stats
When looking at all home types in September 2022, the average sale price in Brampton was up 17.9% to $1,200,589 year to date, when compared to September 2021. When zooming in on condos, prices were up 6.9% to $567,271 year to date, when compared to this time last year.
Durham Region Real Estate Market Stats
When looking at all home types in September 2022, the average sale price in the Durham Region was up 15.7% to $1,050,356 year to date, when compared to September 2021. When zooming in on condos, prices were up 5.3% to $573,515 year to date, when compared to this time last year.
These numbers can be confusing, if you would like a further rundown, or have further real estate questions, please feel free to reach out!
