Hello everyone! Thanks for stopping by and taking the time to educate yourself on the Toronto real estate market (and surrounding areas)…and what a ride it’s been! I have broken down May’s market stats by the GTA, Toronto, Mississauga, Oakville, Durham Region, and Brampton. If there are any other specific statistics or neighbourhoods that are of interest to you, please give us a call and we will be happy to run through these with you. Let’s get to it!
At a quick glance, we can see that the volume of sales are down by about 40% across the GTA. Though the number of sales are down, pricing continues to hold strong averaging a 9% increase when compared to May 2021 (across all home types). We can anticipate that the appreciation of real estate will continue to melt as long as we see interest rates rising. We can all agree that the pace of appreciation across homes in the GTA and surrounding areas was simply not sustainable. The good news is we will continue to see inventory levels rise on homes for sale which will level out appreciation…this is a good thing people!
When looking at the condo market, we are seeing similar trends. The volume of sales in the GTA is down approximately 32%, as interest rates climb, however, pricing continues to remain strong. Condo prices are up about 13% when compared to May of last year. We expect to see the same trends in condos, inventory will rise as rates rise and appreciation will normalize.
Toronto Real Estate Market Stats
Toronto’s average sale price was up by 14.9% in May 2022 to $1,202,309 since January 2022 (when looking at all property types). Condo prices were up 10.6% to $793,124 since January 2022.
Mississauga Real Estate Market Stats
Mississauga’s average sale price was up by 15.8% in May 2022 to $1,180,818 since January 2022 (when looking at all property types). Condo prices were up 16.5% to $672,162 since January 2022.
Oakville Real Estate Market Stats
Oakville’s average sale price was up by 17.8% in May 2022 to $1,734,488 since January 2022 (when looking at all property types). Condo prices were up 21.4% to $831,938 since January 2022.
Brampton Real Estate Market Stats
Brampton’s average sale price was up by 27.6% in May 2022 to $1,284,959 since January 2022 (when looking at all property types). Condo prices were up 22.1% to $616,010 since January 2022.
Durham Region’s Real Estate Market Stats
Durham’s average sale price was up by 25.2% in May 2022 to $1,123,055 since January 2022 (when looking at all property types). Condo prices were up 19.3% to $633,509 since January 2022.
At the end of the day, we are seeing the shift to a buyers market. Remember how many times you thought to yourself over the last two years “if I had just bought that place when it was cheaper”. Well it will happen again. If you are interested in buying, this summer we are going to see more inventory and better prices, so keep an eye out. We are more than happy to help you search for your dream home, an investment property, or even just provide you with real estate advice. Feel free to get in touch with us!
