By: Julia Szemplinski

GTA REAL ESTATE MARKET UPDATE - AUGUST 2022

Tags: HOMES FOR SALE, TORONTO, MISSISSAUGA, MILTON, BRAMPTON, OAKVILLE, VAUGHAN, GTA




The Resale Real Estate Statistics for the Month of July 2022 are in and here are the Key Facts

- 4,912 sales reported through Toronto Real Estate Board’s MLS (down 47.4% from July 2021).

- Average selling price of all home types was up 1.2% year over year.

- 3.12 months of standing inventory.

Here are some additional years over year statistics based on area and type of home, that will shed some more light on the overall market conditions.

Toronto Statistics - Year over Year Average price change

  Yr/Yr Change Monthly Change
Detached -7.2% -12.7%
Semi Det 5.2% -5.6%
Townhouse 3.6% -4.8%
Condo Towns 7.7% -6.2%
Condo Apartment 3.9% -3.5%
 
Mississauga Statistics – Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 2.4% -1.0%
Semi Det 1.8% -7.1%
Townhouse 1.1% -8.0%
Condo Towns 4.3% -2.5%
Condo Apartment 8.6% -4.8%
 
Brampton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached -0.2% -2.6%
Semi Det 4.5% -4.3%
Townhouse 5.6% -0.8%
Condo Towns 5.4% -6.7%
Condo Apartment 9.1% -5.4%
 
Milton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 2.2% -2.9%
Semi Det 4.8% 0.2%
Townhouse 2.4% -7.1%
Condo Towns 7.7% -1.4%
Condo
Apartment
3.9% -7.7%
 
Oakville Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 6.0% 5.6%
Semi Det -6.4% -3.8%
Townhouse 3.5% -8.4%
Condo Towns 12.3% -4.4%
Condo Apartment 43.3% 10.8%

 
 
The sales volume for the GTA Market was down by 47.4% when compared to July 2021.  Number of new listings were down 4.1% but active listings were up by 57.6%, leading to an increase in inventory of homes for sale.
 
Condo Apartments led the price gains last month, coming in at 6.9% year over year increase. However, the month over month numbers show a decline in average sale price through-out all types of homes, down an average of 4.1%.

The inventory level was at 3.12 months at the end of July 2022,
which is the highest it has been this year.  As mentioned in the last few market updates, this has led to Buyers having more choice and the year over year price growth has slowed down. 
 
The average price of a home in the GTA for July 2022 was $1,074,754 which is down 13.5% since January 2022.
 
If you are a first time Buyer, this might be a good time to take advantage of the sluggish market conditions and buy your first home. The interest rates maybe higher now but the prices have stabilized and come down as well.  The higher inventory resulting in sluggish price growth makes this a perfect time to become a homeowner.

If you need to sell, the key in the present market is to price effectively and strategically market the property, staging and presentation play a key role as well.  Also, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings.  We have been successful in selling homes for over asking price even after the interest rate increase.

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.