The seasons aren’t the only thing changing around here. The ebbs and flows that we’ve seen in the Toronto real estate market over the past two years have been quite a ride. For those of you that don’t know me, I’m Danielle Demerino, a Toronto real estate agent and I’m here to give you the rundown on the September market stats…and it’s one you don’t want to miss.
When looking at residential sales in the GTA, we saw an extreme drop in the number of transactions. The volume of sales have fallen by 44% in September 2022 when compared to last year at this time. On a positive note, the dramatic drop in sales in the GTA only contributed to a 4% drop in the average price when comparing September this year to last (year over year). A statement that I’m sure you have all heard one too many times over the past six months is that we are witnessing a price adjustment due to the rise of mortgage rates and the dust is working on settling. Inventory in the GTA has increased by 47% in September, up to a total of 13,534 homes on the market. Based on a historical perspective, this is still not enough to end the continued interest in real estate!
Annual immigration numbers are between 400-500,000 per year, which means, there will continue to be the need for housing and the supply of homes will continue to be limited.
Let’s shift our focus to the rental market. We have continued to see rental properties fly off the shelf for 20% higher than what they were in previous years. If you can swing it, it is a great time to purchase a rental property (rates are up but so is rent).
The assumption is that pricing will continue to slowly adjust or remain stagnant as the real estate market gets used to the new rates that will soon come to be the new normal. Let’s take a look at some of our more popular residential regional markets: GTA, Toronto, Mississauga, Oakville, Brampton and Durham Region. The below statistics are based on year to date stats, which means the period between the beginning of the year and the current (present) date.
GTA Real Estate Market Stats
The GTA’s average sale price (all home types) was up by 12.4% in September 2022 to $1,212,963 (year to date) when compared to September 2021. Condo prices were up 3.1% to $730,818 (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 10.5% in September 2022 to $1,157,553 (year to date) when compared to September 2021. Condo prices were up 16.7% to $769,058 (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 13% in September 2022 to $1,141,419 (year to date) when compared to September 2021. Condo prices were up 8.2% to $638,382 (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 13.1% in September 2022 to $1,658,539 (year to date) when compared to September 2021. Condo prices were down 5.1% to $732,306 (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 17.9% in September 2022 to $1,200,589 (year to date) when compared to September 2021. Condo prices were up 6.9% to $567,271 (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 15.7% in September 2022 to $1,050,356 (year to date) when compared to September 2021. Condo prices were up 5.3% to $573,515 (year to date) when compared to this time last year.
If you would like further statistics 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
