GTA Market Analysis for August 2022

Today, we will would like to examine the Real Estate trends of August 2022!

The Real Estate Market in both the GTA & Toronto in August highlight continuing increases in supply due to lower sales activity and increases in listings.

Bank of Canada Key NEWS

On September 7th, 2022 the Bank of Canada increased interest rates by 0.75% resulting in the Overnight & Bank Deposit rate to be 3.25% . Prime Rate is currently at 5.45%.

Region Highlight

While Detached homes have seen decreases in price in both Toronto & 905 Regions. Semi-Detached homes within select 905 Regions have experienced increases from listing price such as Markham (9%) , Richmond Hill (4%) , and Oshawa (7%).

The Year over Year Summary of the Toronto & GTA housing Markets point out some interesting information

• New Listings that are entering the market for the Month of August remains at comparable levels to August 2021

• Continuing trend of increasing supply

  • The 22 Day Average Listing Days on Market (LDOM) highlight. Last month's LDOM was 19 Days.

  • Average Property Days on Market (PDOM) increased to 34 Days. Last Months PDOM was 29

  • Both PDOM and LDOM show that Properties are remaining on the market for longer periods of time leading to further increases to housing supply

August 2021 --> August 2022 : Average Housing Prices Increase by 0.9%

This minor increase can primarily attributed to the increases of Condo Apartments and Townhomes primarily within the 905 Region

(Includes Detached,Semi-Detached, TH, and Condos)