October Market Review
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R E A L
T A T
MONTHLY STATISTICS
GTA
GTA AREA Y e a rO v e rY e a r P e r c e n t C h a n g e Sales Average Price October, 2022 Source: Toronto Regional Real Estate Board, Market Watch, October, 2022 Detached Semi-Detached Townhouse Condo Apt 416 905 416 905 599 1,701 1,609,077 1,289,107 201 245 1,219,812 964,193 185 637 1,003,359 895,665 43.3% 46.9% 9.9% 11.8% 44.8% 51 9% 7 6% 6.3% 56 7% 46 6% 2 2% 4.0% 53.5% 54.2% 0.0% 5.7% 888 450 740,374 669,434
Source: Toronto Regional Real Estate Board, Market Watch, October, 2022
MARKET OVERVIEW
TORONTO, ONTARIO, November 3, 2022 Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer. GTA home sales continued to adjust to substantially higher interest rates in October 2022, both on an annual and monthly basis. However, new listings are also down year-over-year and month-over-month. The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring has flattened over the past three months.
GTA REALTORS® reported 4,961 sales through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in October 2022 a similar number to September 2022 but down by 49.1 per cent compared to October 2021. Yearover year sales declines were similar across major market segments. New listings were down by 11.6 per cent year-over-year and reached an October level not seen since 2010. New listings were down on an annual basis more so for mid-density and highdensity home types, which helps to explain why prices have held up better in these categories compared to detached houses.
Source: Toronto Regional Real Estate Board, Market Watch, October, 2022
MARKET OVERVIEW
“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium to long term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households,” said TRREB President Kevin Crigger.
The MLS® Home Price Index (HPI) Composite Benchmark was down by 1.3 per cent year-over-year in October 2022. The average selling price for all home types combined, at $1,089,428, was down by 5.7 per cent compared to October 2021. The monthly trends for both the MLS® HPI Composite and the average selling price have flattened in recent months following steeper declines in the spring and early summer.
“Home prices in the GTA have found support in recent months because price declines in the spring and summer mitigated the impact of higher borrowing costs on average monthly mortgage payments. The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability,” said TRREB Chief Market Analyst Jason Mercer.
MISSISSAUGA
MONTHLY STATISTICS
MISSISSAUGA Y e a rO v e rY e a r P e r c e n t C h a n g e Sales Average Price October 2022 Source: Toronto Regional Real Estate Board, Market Watch, October, 2022 Detached Semi-Detached Townhouse Condo Apt 155 346 $1,389,165 20 46% 0.0% 11% 67% 53% 24% 3% 129% 57% 39% 4% 267% 57% 1% 7% 65% Days on Market Listings 57 90 $1,010,925 16 153 337 $648,801 28 13 20 $979,192 22
TORONTO
MONTHLY STATISTICS
Sales Average Price Days on Market Listings TORONTO Y e a rO v e rY e a r P e r c e n t C h a n g e October 2022 Source: Toronto Regional Real Estate Board, Market Watch, October, 2022 Detached Semi-Detached Townhouse Condo Apt 599 1,185 $1,609,077 19 44% 12% 10% 46% 45% 20% 8% 50% 52% 25% 5% 21% 54% 23% 0.0% 33% 201 333 $1,219,812 15 888 2,189 $740,374 24 62 100 $1,281,200 17
OAKVILLE MONTHLY STATISTICS
OAKVILLE Y e a rO v e rY e a r P e r c e n t C h a n g e Sales Average Price October 2022 Source: Toronto Regional Real Estate Board, Market Watch, October, 2022 Detached Semi-Detached Townhouse Condo Apt 98 218 $1,866,272 26 36% 17% 8% 117% 56% 45% 21% 25% 55% 24% 6% 75% 53% 15% 6% 67% Days on Market Listings 4 6 $1,032,125 6 27 75 $824,237 30 30 48 $1,141,437 14
BURLINGTON
MONTHLY STATISTICS
BURLINGTON Y e a rO v e rY e a r P e r c e n t C h a n g e Sales Average Price October 2022 Source: Toronto Regional Real Estate Board, Market Watch, October, 2022 Detached Semi-Detached Townhouse Condo Apt 82 157 $1,422,939 29 33% 11% 4% 190% 100% 17% 100% 6% 32% 0.0% 0.0% 440% 30% 57% 19% 143% Days on Market Listings 0 10 $0.0 0 35 80 $760,697 34 15 26 $964,133 27
MILTON
MONTHLY STATISTICS
MILTON Y e a rO v e rY e a r P e r c e n t C h a n g e Sales Average Price October 2022 Source: Toronto Regional Real Estate Board, Market Watch, October, 2022 Detached Semi-Detached Townhouse Condo Apt 42 100 $1,262,852 23 53% 7% 12% 156% 57% 35% 6% 200% 64% 24% 5% 220% 33% 29% 4% 57% Days on Market Listings 9 13 $1,026,555 12 10 22 $650,030 22 21 38 $912,286 16
VAUGHAN MONTHLY STATISTICS
VAUGHAN Y e a rO v e rY e a r P e r c e n t C h a n g e Sales Average Price October 2022 Source: Toronto Regional Real Estate Board, Market Watch, October, 2022 Detached Semi-Detached Townhouse Condo Apt 91 221 $1,656,178 23 58% 11% 10% 53% 47% 30% 6% 250% 67% 8% 10% 90% 55% 14% 1% 30% Days on Market Listings 18 28 $1,131,972 14 54 126 $691,251 26 20 54 $1,087,190 19
DURHAM MONTHLY STATISTICS
DURHAM REGION Y e a rO v e rY e a r P e r c e n t C h a n g e Sales Average Price October 2022 Source: Toronto Regional Real Estate Board, Market Watch, October, 2022 Detached Semi-Detached Townhouse Condo Apt 427 803 $976,721 14 38% 6% 12% 4% 42% 18% 7% 117% 43% 3% 8% 233% 49% 41% 3% 40% Days on Market Listings 37 58 $758,587 13 35 93 $553,443 21 71 141 $818,550 20