Market Update: Toronto, ON October 2022
Home sales throughout Toronto and the Greater Toronto Area have slowed but demand for housing continues, according to the September 2022 Stats from the Toronto Regional Real Estate Board.
As homebuyers adjust to increased interest rates and borrowing costs, home sales throughout the Greater Toronto Area decreased by over 44% compared to September 2021 to 5,038 total residential transactions in September 2022, says the report. Month-over-month home sales also decreased by over 10% from August 2022 to September 2022 with 5,038 sales. Compared to last year, the number of days on market has increased by over 84% from just 19 days to 35 days.
In addition to the declined sales volume, the lowest number of new listings was recorded in September 2022 for the Greater Toronto Area since 2002, from 13,494 to 11,237 new listings, a 16.7% decrease year-over-year.
Though residential home sales are down, demand for residential housing throughout the Greater Toronto Area is prevalent with a lack of new supplies. Where the average selling prices have decreased only 4.3% year-over-year, from $1,135,027 to $1,068,762 in September 2022, and 2.7% month-over-month.
“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,” explains Jason Mercer, Chief Market Analyst for TRREB.
View more luxury homes in Toronto, Ontario, Canada on LuxuryHomes.com.
TRREB.ca – Market News – September 2o22
View the full Toronto Regional Real Estate Board report here.