Bonjour! I hope everyone has been enjoying their summer as much as we have. Part of our team (Danielle and Britt) just spent some time in France. The architecture was marvellous, the wine was flowing and the weather was hot, hot, hot! Now it’s back to reality and time for your July 2022 report on our Toronto Real Estate market (and surrounding areas).
As the Bank of Canada attempts to settle our economy by increasing lending rates, the residential real estate market continues to adjust. In early July, we saw the Bank of Canada raise rates by 1% (100 points) in an attempt to make fewer drastic adjustments in the future. I think we can all agree that the price of homes were appreciating at an unsustainable rate, along with the price of food, gas, etc. The average price of a home (all types) in the GTA increased by 1% in July 2022 when compared to July 2021. This is very healthy for our market as the increase we saw from November 2021 to February 2022 was approximately 30% and simply not sustainable for our market.
The number of transactions are down compared to this time last year. Sales are down 34% in 2022 when compared to this same time last year. If you are looking to buy, you are in a much better situation as inventory (supply of homes for sale) is up 55%, giving buyers more selection and putting less pressure on making a snap decision. Inventory is currently sitting at about 3 months, this means if nothing else came on the market we would be sold out of homes in 3 months. For your reference, at the height of the market, inventory was often sitting at 1/2 a month (two weeks).
GTA Real Estate Market Stats
The G.T.A’s average sale price (all home types) was up by 15.4% in July 2022 to $1,239,973 (year to date) when compared to July 2021. Condo prices were up 6.6% to $719,273 (year to date) when compared to this time last year.
Toronto Real Estate Market Stats
Toronto’s average sale price (all home types) was up by 12.5% in July 2022 to $1,178,931 (year to date) when compared to July 2021. Condo prices were up 3.9% to $744,092 (year to date) when compared to this time last year.
Mississauga Real Estate Market Stats
Mississauga’s average sale price (all home types) was up by 14.5% in July 2022 to $1,159,195 (year to date) when compared to July 2021. Condo prices were up 8.6% to $628,116 (year to date) when compared to this time last year.
Oakville Real Estate Market Stats
Oakville’s average sale price (all home types) was up by 14.9% in July 2022 to $1,678,176 (year to date) when compared to July 2021. Condo prices were up 43.3% to $938,359 (year to date) when compared to this time last year.
Durham Region Real Estate Market Stats
Durham’s average sale price (all home types) was up by 19.7% in July 2022 to $1,078,662 (year to date) when compared to July 2021. Condo prices were up 17.5% to $544,124 (year to date) when compared to this time last year.
Brampton Real Estate Market Stats
Brampton’s average sale price (all home types) was up by 22.8% in July 2022 to $1,237,102 (year to date) when compared to July 2021. Condo prices were up 9.1% to $561,538 (year to date) when compared to this time last year.
If you would like further statistics on a different region or neighbourhoods, please do not hesitate to reach out via phone, email or website form! Contact details below:
Danielle Demerino
ddemerino@royallepage.ca
416-728-5401
Brittany Huggins
bhuggins@royallepage.ca
647-863-7234
