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May 10 2022 | Buying/Selling

Toronto Real Estate Market Watch April 2022

As promised, here are your monthly Toronto real estate market watch stats as of April 2022. This month I have broken down the regions by GTA, Toronto, Oakville, Durham Region, and Brampton. If there is any specific statistics on other neighbourhoods that interest you, please give me a call and I will be happy to run through these with you. Let’s get to it!

I’m sure you’ve all heard or seen the many headlines that discuss a shift in the real estate market. While we are still seeing the volume of sales down across the Greater Toronto Area by about 40%, and a drop in average price, the market is still up by 15% when compared to April 2021. As long as we continue to see interest rates rise, we will also see the overall appreciation of real estate will cool down.

It’s no secret that the rate of appreciation on homes in the GTA and surrounding areas was simply not sustainable. As interest rates continue to rise, inventory levels of homes for sale will slowly rise, slowing the overall appreciation rate of all home types. PLEASE NOTE: this is a good thing!

As borrowing rates continue to rise, the volume of condo sales has begun to slow (sales are down almost 35%) but the pricing continues to remain strong showing growth of 13% in April 2022 when compared to April 2021.  Let’s break it down:

Toronto’s average sale price was up in April 2022 by 16.3% to $1,196,454 since January 2022 when looking at all property types. Condo sales were up 12.9% to $820,835 since January 2022.

Oakville’s average sale price was up in April 2022 by 21.5% to $1,788,343 since January 2022 when looking at all property types. Condo sales dipped by 1.5% to $811,537 since January 2022.

Durham Region’s average sale price was up in April 2022 by 28.9% to $1,154,476 since January 2022 when looking at all property types. Condo sales were up by 34.2% to $659,734 since January 2022.

Brampton’s average sale price was up in April 2022 by 30.4% to $1,315,910 since January 2022 when looking at all property types. Condo sales were also up by 30.4% to $658,500 since January 2022.

The main takeaway here and I am sure most of you already know is that you can never time the market perfect for your situation. The reality is whether it’s a buyer or seller’s market, history has always shown us that the value of your property in 5-10 years will bring you value, which is generally the timeframe that people hold on to their real estate for. So don’t let the numbers scare you off! Give me a call if you would like to further discuss at 416-728-5401.