By: Julia Szemplinski

GTA REAL ESTATE MARKET UPDATE - JULY 2022

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

The Resale Real Estate Statistics for the Month of June 2022 are in and Here are the Key Facts

- 6,474 sales reported through Toronto Real Estate Board’s MLS (down 41.4% from June 2021).

- Average selling price of all home types was up 5.3% year over year.

- Only 2.49 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 2.2% -9.3%
Semi Detached 6.0% -5.8%
Townhouse 2.4% 3.0%
Condo Towns 11.8% -2.1%
Condo
Apartment
7.5% -2.8%
 
Mississauga Statistics – Year over Year Average Price change
 
Yr/Yr Change

Monthly Change
 
Detached 5.3% -4.4%
Semi Detached 10.5% -5.8%
Townhouse 17.7% 3.4%
Condo Towns 8.5% -5.8%
Condo Apartment 13.3% -1.9%
 
Brampton Statistics - Year over Year Average Price change
 
Yr/Yr Change

Monthly Change
 
Detached 4.1% -8.1%
Semi Detached 9.9% -4.2%
Townhouse 8.6% -8.0%
Condo Towns 11.0% -7.3%
Condo Apartment 15.2% -3.6%
 
Milton Statistics - Year over Year Average Price change
 
Yr/Yr Change

Monthly
Change

 
Detached 3.4% -7.2%
Semi Detached 8.3% -14.0%
Townhouse 8.0% -2.4%
Condo Towns 6.3% -10.1%
Condo
Apartment
10.5% -1.9%
 
Oakville Statistics - Year over Year Average Price change
 
Yr/Yr Change

Monthly Change
 
Detached 2.8% -0.1%
Semi Detached -1.0% -12.7%
Townhouse 12.8% -4.6%
Condo Towns 6.1% 3.7%
Condo Apartment 19.3% 1.8%

 
 
The sales volume for the GTA Market was down by 41.1% when compared to June 2021.  Number of new listings were up 1% but active listings were up by 42.5% respectively, leading to an increase in inventory of homes for sale.
 
Condo Apartments led the price gains last month, coming in at 9.3% 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 4.5%.
The inventory level was at 2.49 months at the end of June 2022, which is the highest it has been this year.  As mentioned in the last market update, 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 June 2022 was $1,146,254 which is down 7.8% 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.