I am sure you have all heard that the Bank of Canada announced yet another interest rate increase. This marks the seventh increase since March. There will be another increase of 50 points to 4.25%. My name is Britt Huggins and I’m a Toronto real estate agent here to educate you on the November real estate market as we near the end of 2022.
As borrowing costs continue to increase, transactions continue to decrease, with the number of sales down in the GTA by 50% as of November 2022 when compared to this time last year. Inventory is up 96% compared to November 2021 with 12,000 homes on the market available for purchasing. There is currently 2.5 months of inventory available for buyers which is surprisingly still considered a Seller’s Market. For the shift to a Buyer’s Market to happen, there would need to be closer to four months of inventory available.
Let’s shift our focus for a minute to the condo market. Condominium sales in the GTA are down 55% when compared to this time last year. They continue to be an affordable option for buyers, as prices continue to remain consistent with not much movement going on!
With that said, let’s break down the stats based on some of our most popular regional real estate markets: the GTA, Toronto, Mississauga, Oakville, Durham Region and Brampton. The statistics below are year to date, which is the total sales from the first day of 2022 to present date.
GTA Real Estate Market Stats
The GTA’s average sale price (all home types) was up by 9.5% in November 2022 to $1,195,945 (year-to-date) when compared to November 2021. Condo prices were up 0.9% to $708,636 (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 8.2% in November 2022 to $1,145,933 (year-to-date) when compared to November 2021. Condo prices were down 1.5% to $734,797 (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 11.1% in November 2022 to $1,123,070 (year-to-date) when compared to November 2021. Condo prices were down 2.8% to $600,605 (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 10.2% in November 2022 to $,630,061 (year-to-date) when compared to November 2021. Condo prices were up 0.4% to $718,708 (year-to-date) when compared to this time last year.
Durham Region Real Estate Market Stats
Durham Region’s average sale price (all home types) was up by 11.9% in November 2022 to $1,030,538 (year-to-date) when compared to November 2021. Condo prices were up 1.3% to $556,599 (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 14.3% in November 2022 to $1,178,953 (year-to-date) when compared to November 2021. Condo prices were up 3.7% to $529,850 (year-to-date) when compared to this time last year.
So there you have it, take in the numbers and let us know what you think! If you would like further market stats on a different region or neighbourhood, 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
