Hello all of you beautiful people! I hope everyone is enjoying their summer so far and taking a chance to relax a little. Danielle Demerino here, your Toronto real estate expert here to report on just what the heck is going on in this crazy market. With interest rates continuing to rise and scare people off, the market continues to adjust. The number of Toronto real estate transactions is on the decline due to the unknown of when and where interest rates are going to settle in this Toronto Housing Market.
The volume of sales (number of transactions) across the Greater Toronto Area is down 42%, however, the appreciation of pricing has started to normalize with prices up 5% when compared to June of 2021. When looking at the historical appreciation of residential real estate over the past 30 years, the average is approximately 6% per year. The more recent peak of the market yielded a 20% appreciation rate in some markets (Brampton or Durham region for example). Overall, it is a good thing to see the market start to normalize again.
As we see fewer homes being traded and active listings increasing, we expect to see some downward pressure on sale prices, which is a good thing! If you are a seller that has owned your home for a long time, you will still enjoy the appreciation that has grown on your asset over the recent years and as a buyer, you will enjoy more product selection as the number of homes for sale continues to grow. I know you probably already know what I am going to say next…but it’s a great time to buy people! Prices are down, rent is up…did someone say investment property?
The condo market continues to see growth as condominiums have become the more affordable asset class when compared to detached, semi-detached, and townhomes.
The demand for new construction has slowed due to labour and material costs rising and launch date delays.
GTA Real Estate Market Stats
The G.T.A’s average sale price (all home types) was up by 16.9% in June 2022 to $1,257,257 (year to date) compared to June 2021. Condo prices were up 9.3% to $793,124 (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 13.7% in June 2022 to $1,195,412 (year to date) compared to June 2021. Condo prices were up 7.5% to $771,267 (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 14.6% in June 2022 to $1,168,653 (year to date) compared to June 2021. Condo prices were up 13.3% to $659,539 (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 15.5% in June 2022 to $1,693,506 (year to date) compared to June 2021. Condo prices were up 19.3% to $847,250 (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 22.1% in June 2022 to $1,098,851 (year to date) compared to June 2021. Condo prices were up 22.5% to $639,709 (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 13.7% in June 2022 to $1,258,201 (year to date) compared to June 2021. Condo prices were up 15.2% to $593,633 (year to date) when compared to this time last year.
If you have any specific questions about your neighbourhood or other micro-markets, please feel free to contact me at 416-728-5401.
