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.

"https://www.bnnbloomberg.ca/bank-of-canada-economists-weigh-in-on-wednesday-s-suspected-rate-hike-1.1837098"

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

Numbers Breakdown

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.

  • Markham Townhomes

    • 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.