June 24, 2022

Note: Figures in parentheses are from last May.

Average sold price dropped for the 2nd consecutive month. As recent changes take effect, new listings increased to 6,877 (6,164). The number of sold properties also decreased by 34.9% (35.5%) from a year ago. Days on market increased a day to 13.

Average prices declined without exception in Toronto as with the rest of the GTA compared to last month but increased YOY although by slimmer percentages. See below for details:

👉 Detached homes sold on average for $1,914,890 ($1,947,975), higher than last year by 11.5% (14.6%).
GTA – $1,549,498 ($1,628,343) average sale price, 9.5% (17.5%) YOY
👉 Semi-detached homes are at 7.5% (14.2%) YOY with an average sale price of $1,426,273 ($1,494,640).
GTA – $1,204,893 ($1,259,243) average sale price, 13.2% (17.8%) YOY
👉 Average sale price for condos is at $793,124 ($820,835), 10.4% (12.8%) higher than in March 2021.
GTA – $770,894 ($789,869) average sale price, 12.9% (14.1%) YOY
👉 Townhomes sold for $1,238,845 ($1,345,443) on average with 1% (10.5%) YOY.
GTA – $977,194 ($1,019,350) average sale price, 12.7% (18.8%) YOY

Are these numbers cause for panic? It shouldn’t. We have gotten used to the massive gains & accelerated growth within the bubble induced by the pandemic & its aftermath. For most of the past 2 years, housing was in short supply while demand raged. Supply is now slowly increasing while demand is dropping, which is likely to continue with further rate hikes in the horizon.

Some would-be buyers are forced out of the market. Upscale neighbourhoods are seemingly immune to policy changes. The frenzy is over but we just might be going back to normal in more ways than one.

There are so many uncertainties in a shifting market. Buyer and seller alike may benefit from professional help. If you have questions or need assistance, send us a message. We are always happy to discuss. 📩

 

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