The Toronto real estate market over the past two years has been quite a ride, to say the least. For those of you that don’t know me, I’m Usman Khan, 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. Sales for the month reached 5,038 but were down by 44.1 percent compared to September 2021. On a positive note, over the same period of time, the average price dipped by 4.3 percent to $1,086,762. however, the average price was up compared to August 2022.
A statement that I’m sure we’ve 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. New listings were also down on a year-over-year basis by 16.7 percent 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.
Recent polling by TRREB1 suggests that the public agrees the lack of housing supply is a key issue in the GTA. The poll found that 71 percent of combined Toronto and ‘905’ regions residents believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent rather than trying to reduce demand for housing. Annual immigration nu
Hovering just below $1.1 million, the average selling price may have found some support during the last couple of 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.
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.
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