Sutton Group-Admiral Realty Inc., Brokerage | 416.899.1199 |dave@teamelfassy.com

Team Elfassy 1NVALUABLE April 2022 Market Report

Greater Toronto Real Estate Market Report

May 2022

Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.

”Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,” said TRREB President Kevin Crigger.

GTA REALTORS reported 7,283 sales through TRREB’s MLS System in May 2022 – down 38.8 per cent compared to May 2021 and down nine per cent compared to April 2022. The number of new May listings was similar to last year’s level and edged up on a month-over-month basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on a year-over-year basis by 26 per cent.

Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4 per cent. The MLS Home Price Index Composite Benchmark was also up on a year-over-year basis by 23.9 per cent. On a month-over-month basis, both price metrics were lower, reflecting more balanced market conditions.

”Price trends observed over the past three months – both in terms of moderating annual growth rates and the recent month-over-month dips – are in line with TRREB’s forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power,” said TRREB Chief Market Analyst Jason Mercer.

Take a look at the detailed numbers below. If you have any questions about the market, get in touch – we’re here to help!

If considering buying or selling give us a call. Our advanced marketing techniques, free staging, available buyers and uncompromising approach yield consistently excellent results.

Vaughan

Toronto

Richmond Hill

Markham

Aurora

Newmarket

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October 2022 Greater Toronto Real Estate Market Report

By |November 9th, 2022|Categories: Market Report, Blog|Tags: , , |

Greater Toronto Real Estate Market Report October 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

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Sutton Group-Admiral Realty Inc., Brokerage
1206 Centre Street
Thornhill, ON
L4J 3M9

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