Homesforsale

October 2022 Market Statistics

October 2022 Market Statistics

GTA REALTORS® Release October Stats

Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer. GTA home sales continued to adjust to substantially higher interest rates in October 2022, both on an annual and monthly basis. However, new listings are also down year-over-year and month-over-month. The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring has flattened over the past three months.

GTA REALTORS® reported 4,961 sales through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in October 2022 – a similar number to September 2022 but down by 49.1 per cent compared to October 2021. Yearover-year sales declines were similar across major market segments.

New listings were down by 11.6 per cent year-over-year and reached an October level not seen since 2010. New listings were down on an annual basis more so for mid-density and high-density home types, which helps to explain why prices have held up better in these categories compared to detached houses.

“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households,” said TRREB President Kevin Crigger.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 1.3 per cent year-over-year in October 2022. The average selling price for all home types combined, at $1,089,428, was down by 5.7 per cent compared to October 2021. The monthly trends for both the MLS® HPI Composite and the average selling price have flattened in recent months following steeper declines in the spring and early summer.

“Home prices in the GTA have found support in recent months because price declines in the spring and summer mitigated the impact of higher borrowing costs on average monthly mortgage payments. The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability,” said TRREB Chief Market Analyst Jason Mercer.

Milton Summary:

Average Sale Price over this time last year:  + 12.3%

Number of Sales over this time last year:  +37.8 %

 

Oakville Summary:

Average Sale Price over this time last year:  + 12.0%

Number of Sales over this time last year:  -39.9 %

 

Burlington Summary:

Average Sale Price over this time last year:  + 15.2%

Number of Sales over this time last year:  -25.3 %

 

Halton Hills Summary:

Average Sale Price over this time last year:  + 13.6%

Number of Sales over this time last year:  -27.8 %

 

Mississauga Summary:

Average Sale Price over this time last year:  + 12.0%

Number of Sales over this time last year:  -38.0 %

 

Guelph October Statistics

Summary all of HALTON combined

 

 

Posted by Christine Pecharich in Blog Posts, Brampton, Burlington, Georgetown, Guelph, Halton Hills, Market Reports, Milton, Mississauga, Oakville
September Market Statistics

September Market Statistics

Market Watch

GTA REALTORS® Release September Stats

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,= said TRREB President Kevin Crigger.

Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,= said TRREB CEO John DiMichele. The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022.

Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,= said TRREB Chief Market Analyst Jason Mercer.

 

Milton Summary:

Average Sale Price over this time last year:  + 14.1%

Number of Sales over this time last year:  -36.5%

Oakville Summary:

Average Sale Price over this time last year:  +13.1 %

Number of Sales over this time last year:  -39.4 %

Burlington Summary:

Average Sale Price over this time last year:  + 16.6%

Number of Sales over this time last year:  -24.8 %

Halton Hills Summary:

Average Sale Price over this time last year:  + 17.8%

Number of Sales over this time last year:  -25.0 %

Mississauga Summary:

Average Sale Price over this time last year:  + 13.0%

Number of Sales over this time last year:  -36.3%

Guelph

Posted by Christine Pecharich in Blog Posts, Burlington, Georgetown, Guelph, Halton Hills, Market Reports, Milton, Mississauga, Oakville
August 2022 Market Statistics

August 2022 Market Statistics

GTA REALTORS® Release August Stats

There were 5,627 home sales reported through the Toronto Regional Real Estate Board9s (TRREB) MLS® System in August 2022, representing a year-over-year dip of 34.2 per cent 3 a lesser annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase compared to July.

Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead. On a year-over-year basis, the MLS® Home Price Index (HPI) was up by 8.9 per cent and the average selling price for all home types combined was up by 0.9 per cent to $1,079,500. The average selling price was also up slightly month-over-month, while the HPI Composite was lower compared to July. Monthly growth in the average price versus a dip in the HPI Composite suggests a greater share of more expensive home types sold in August.

While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically,= said TRREB President Kevin Crigger.

The Office of the Superintendent of Financial Institutions (OSFI) should weigh in on whether the current stress test remains applicable. Is it reasonable to test home buyers at two percentage points above the current elevated rates, or should a more flexible test be applied that follows the interest rate cycle? In addition, OSFI should consider removing the stress test for existing mortgage holders who want to shop for the best possible rate at renewal rather than forcing them to stay with their existing lender to avoid the stress test. This is especially the case when no additional funds are being requested,= said TRREB CEO John DiMichele.

There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe. The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front. The strong mayor proposal from the province coupled with the recent commitment from Toronto Mayor John Tory to expand ownership and rental housing options are examples of this. TRREB looks forward to hearing additional initiatives from candidates vying for office in the upcoming municipal elections,= said TRREB Chief Market Analyst Jason Mercer.

Milton Summary:

Average Sale Price over this time last year:  + 15.9%

Number of Sales over this time last year:  -37.0 %

Oakville Summary:

Average Sale Price over this time last year:  + 14.1%

Number of Sales over this time last year:  -39.7 %

Burlington Summary:

Average Sale Price over this time last year:  + 18.5%

Number of Sales over this time last year:  -23.6 %

Halton Hills (Georgetown) Summary:

Average Sale Price over this time last year:  + 19.9%

Number of Sales over this time last year:  -25.1 %

Mississauga Summary:

Average Sale Price over this time last year:  + 14.3%

Number of Sales over this time last year:   -35.3 %

 

 

Posted by Christine Pecharich in Blog Posts, Burlington, Georgetown, Guelph, Halton Hills, Market Reports, Milton, Mississauga, Oakville, Toronto
June Market Statistics

June Market Statistics

The market is still up when comparing to last years numbers, take a look at the charts below, you can see that in these areas the average sales price are all still in the + double digits, while the amount of houses for sale has dropped compared to last year. There is still a housing shortage.  This means that it is still a good time to sell if the timing is right for you. 

GTA REALTORS® Release June Stats

Higher borrowing costs continued to impact home sales in June 2022. Sales totalled 6,474 – down by 41 per cent compared to last year’s strong result. The number of transactions was also down compared to May 2022, but this is often the case due to the seasonal nature of the market.

The average selling price, at $1,146,254, remained 5.3 per cent above the June 2021 level, but continued to trend lower on a monthly basis. The MLS® Home Price Index Composite benchmark was up by 17.9 per cent year-over-year, but also experienced a month-over-month dip compared to May. Annual price growth was driven more so by less expensive market segments, including townhouses and condominium apartments.

“Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up. Expect current market conditions to remain in place during the slower summer months. Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs,” said TRREB President Kevin Crigger.

While the number of transactions was down year-over-year, the number of new listings was little changed over the same period. This has provided for more balance in the market, resulting in a more moderate annual pace of price growth.

“Listings will be an important indicator to watch over the next few months. With the unemployment rate low, the majority of households aren’t in a position where they need to sell their home. If would-be sellers decide to take a wait-and-see attitude over the next few months, it’s possible that active listings could trend lower as well. This could cause market conditions to tighten somewhat, providing some support for home prices,” said TRREB Chief Market Analyst Jason Mercer.

“Our region continues to grow because we attract people and businesses from all around the world. All of these people will require a place to live, whether they choose to buy or rent. Despite the shorter-term impact of higher borrowing costs, housing demand will remain strong over the long-term, as long as we can produce homes within which people can live. Policymakers at all levels need to make this their key goal,” said TRREB CEO John DiMichele

Milton Summary:

Average Sale Price over this time last year:  + 19.5%

          Number of Sales over this time last year:  -35.7%

 

Oakville Summary:

         Average Sale Price over this time last year:  + 15.5%

             Number of Sales over this time last year:  -38.3% 

Burlington Summary:

Average Sale Price over this time last year:  + 21.6%

Number of Sales over this time last year:  -23.7 %

Halton Hills Summary:

Average Sale Price over this time last year:  + 22.5%

           Number of Sales over this time last year:  -22.6 %

Mississauga Summary:

Average Sale Price over this time last year:  + 14.7%

          Number of Sales over this time last year:  -32.1%

 

Guelph Summary:

Average Sale Price for June 2022   $ 840,066

     Percent increase over this time last year +15.8%

Average Days on Market 16

Homes Sold in June 2022 #177 -36.1%

Posted by Christine Pecharich
May 2022 Market Stats are in!

May 2022 Market Stats are in!

Market Watch

GTA REALTORS® Release May Stats

Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.

”Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,” said TRREB President Kevin Crigger.

GTA REALTORS reported 7,283 sales through TRREB’s MLS System in May 2022 – down 38.8 per cent compared to May 2021 and down nine per cent compared to April 2022. The number of new May listings was similar to last year’s level and edged up on a month-over-month basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on a year-over-year basis by 26 per cent.

Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4 per cent. The MLS Home Price Index Composite Benchmark was also up on a year-over-year basis by 23.9 per cent. On a month-over-month basis, both price metrics were lower, reflecting more balanced market conditions.

”Price trends observed over the past three months – both in terms of moderating annual growth rates and the recent month-over-month dips – are in line with TRREB’s forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power,” said TRREB Chief Market Analyst Jason Mercer.

Milton Summary:

Average Sale Price over this time last year:  + 21.7%

Number of Sales over this time last year:  -34.9 %

Oakville Summary:

Average Sale Price over this time last year:  + 17.8%

Number of Sales over this time last year:  -37.8%

 

Burlington Summary:

Average Sale Price over this time last year:  + 24.0%

Number of Sales over this time last year:  -20.8 %

 

Halton Hills (Georgetown) Summary:

Average Sale Price over this time last year:  + 26.2%

Number of Sales over this time last year:  -20.8 %

Mississauga Summary:

Average Sale Price over this time last year:  + 15.8%

Number of Sales over this time last year:  -29.8 %

Guelph Summary:

Average Sale Price for May 2022   $ 894,065

Percent increase over this time last year +14.3%

Average Days on Market 12

Homes Sold in May 2022 #194  -31.4%

Posted by Christine Pecharich in Burlington, Georgetown, Guelph, Halton Hills, Market Reports, Milton, Mississauga, Oakville
March 2022 Market Statistics

March 2022 Market Statistics

Market Watch

GTA REALTORS® Release March Stats

There were almost 11,000 Greater Toronto Area (GTA) home sales reported in March 2022, capping off the third-best March and second-best first quarter on record. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million. The average selling price dipped slightly month-over-month, bucking the regular seasonal trend.

“Now is the time for governments to govern and focus on measures that are proven to increase housing supply. The GTA population will experience rapid growth in the coming years as our region’s economic strength and diversity continues to attract people from around the world. In order to sustain this growth, we need adequate housing supply and choice. This needs to be the focus of policymakers rather than short-term and ineffective measures to artificially suppress demand. Evidence-based decision-making should inform government policies, and we encourage representatives at all levels of government to think big and act decisively to improve needed housing supply in a significant way,” said TRREB President Kevin Crigger.

GTA REALTORS® reported 10,955 sales through TRREB’s MLS® System in March 2022, representing a 30 per cent decline compared to the record result of 15,628 in March 2021. While sales were down year-over-year for all major market segments, condominium apartment transactions dipped by a much lesser annual rate.

New listings were also down on a year-over-year basis, but by a much lesser annual rate than sales. This suggests that while market conditions remained very tight, home buyers did not experience the same level of competition from other buyers compared to a year earlier.

The MLS® Home Price Index Composite benchmark was up by 34.8 per cent year-over-year in March 2022. This annual rate of increase was down slightly from February. The average selling price was up by 18.5 per cent year-over-year. The annual growth rates for the MLS HPI® and average selling price differed, in part, because the mix of homes sold in March 2022 shifted in favour of condominium apartments which generally sell for a lower average price compared to other home types.

“Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year,” said TRREB Chief Market Analyst Jason Mercer.

Milton Summary:

Average Sale Price over this time last year:  + 28.1%

Number of Sales over this time last year:  -28 %

Oakville Summary:

Average Sale Price over this time last year:  + 23.1%

Number of Sales over this time last year:  -33.7 %

Burlington Summary:

Average Sale Price over this time last year:  + 28.4%

Number of Sales over this time last year:  -19.2%

Halton Hills Summary:

Average Sale Price over this time last year:  + 26.3%

Number of Sales over this time last year:  -10.1 %

 

Mississauga Summary:

Average Sale Price over this time last year:  + 19%

Number of Sales over this time last year:  -20.8 %

 

Guelph Summary:

Average Sale Price for March 2022   $ 970,492

Percent increase over this time last year +30.2%

Average Days on Market 7

Homes Sold in March 2022 #257  -28.6%

 

Posted by Christine Pecharich in Blog Posts, Brampton, Burlington, Georgetown, Guelph, Halton Hills, Market Reports, Milton, Mississauga, Oakville, Toronto
November 2021 Market Statistics

November 2021 Market Statistics

GTA REALTORS® Release November 2021 Stats

Home sales reached a new record for the month of November and the average selling price also reached a new all-time high. New listings were down substantially compared to last year for all market segments – further highlighting the inherent supply issue across all home types in the Greater Toronto Area (GTA).

GTA REALTORS® reported 9,017 home sales through TRREB’s MLS® System in November 2021 – 3.3 per cent above the November 2020 result, setting a new record. In contrast, new listings were down by 13.2 per cent year-over-year, with double-digit declines for low-rise home types, and condominium apartments.

“Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future. The GTA remains the primary destination for new immigrants, and is at the centre of the Canadian economy. For far too long governments have focused on short term bandaid policies to artificially suppress demand. Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid-density housing ongoing housing affordability challenges will escalate. On this point, we commend the City of Toronto for moving forward with initiatives to facilitate the creation of more mid-density home types, including their current consultations on options to encourage more multiplex development across the city,” said TRREB President Kevin Crigger.

The MLS® Home Price Index composite benchmark was up by 28.3 per cent year-over-year in November 2021. The average selling price for all home types combined was $1,163,323 – up by 21.7 per cent compared to November 2020.

“A key difference this year compared to last is how the condo segment continues to tighten and experience an acceleration in price growth, particularly in suburban areas. This speaks to the broadening of economic recovery, with first-time buyers moving back into the market in a big way this year. The condo and townhouse segments, with lower price points on average, will remain popular as population growth picks up over the next two years,” said TRREB Chief Market Analyst Jason Mercer.

Milton Summary:

Average Sale Price over this time last year:  + 24.7%

Number of Sales over this time last year:  +22.6 %

Oakville Summary:

Average Sale Price over this time last year:  + 19.2%

Number of Sales over this time last year:  +29.4 %

Burlington Summary:

Average Sale Price over this time last year:  + 20.4%

Number of Sales over this time last year:  +19.8 %

Halton Hills Summary:

Average Sale Price over this time last year:  + 14.6%

Number of Sales over this time last year:  +34.4 %

Mississauga Summary:

Average Sale Price over this time last year:  + 14.6%

Number of Sales over this time last year:  +34.4 %

Guelph Summary:

Average Sale Price for November 2021   $ 846,634

Percent increase over this time last year +27.9%

Average Days on Market 10

Homes Sold in November 2021 #184 down -5.6%

Posted by Christine Pecharich