2022년 11월 17일
Real Estate Trends for September/October 2022 for the GTA & Toronto Market
GTA Market Analysis for September/October 2022
Today, we will would like to examine the Real Estate trends of September & October 2022!
Bank of Canada Key SUMMARY
September 7th, 2022 Bank of Canada increased interest rates by 0.75% resulting in prime rate of 5.45%
October 26th, 2022 Bank of Canada increased interest rates by 0.5% resulting in prime rate of 5.95%
Many economists from TD & RBC had expected an increase of 0.75% to 1% for the October 26th rates and were surprised with the smaller 0.5% increase.
Next announcement will be held on December 7th, 2022
Real Estate Highlights
Through looking at sales data of all homes sold within the last three months, it is apparent that the drop in prices experienced in 2022 Early Spring has stabilized.
Markets have average prices have had support near the 1.1 Million range even with the multiple interest rate increases.
With prices showing stability within the last couple months, this can be a strong indication of price stability even with continuing increases of interest rates.
Average Prices for all Home Types in GTA/TORONTO
$1,089,428 - October 2022
$1,086,762 - September 2022
$1,079,500 - August 2022
October Sales Summary
September Sales Summary
Detached Home Prices saw an increase in price from September to October with prices increasing from $1,369,186 to $1,372,438.
Increase is from Detached Home Prices in Toronto where we see an approximate $25,000 increase in average Detached home prices in Toronto
Detached Homes in Central Toronto (C01-C15) experienced large increases in Average Price by 6.37% from $2,430,127 to $2,584,879
Can be attributed to premium homes that are being listed for this month.
Semi Detached / Townhouse have also increased in prices because of the increase in average prices of Townhomes/Semi-detached homes in Toronto.
Townhome Prices in Toronto experienced an approximate $60,0000 increase in average prices
Townhomes in York Region have been seen increases in price
Markham & Richmond Hill have shown extremely strong resilience in price and demand.
Increased from average prices of $1,142,961 to $1,198,996
Homes sold on average of 14 days
Richmond Hill Townhomes
Increased from average prices of $1,207,731 - $1,230,430
Townhomes are sold on average of 8 days
The Year over Year Summary of the Toronto & GTA housing Markets
Supply/Inventory Levels still remain at similar levels compared to last month as new inventory continually enters the market
Listing Days on Market (LDOM) & Property Days on Market : Have overall decreased by an average of 2 days compared to September
Meaning homes on average are being sold quicker than previous months.