November 2022 GTA Market Watch

Home Sales Declined /Listings Reduced

Average Selling Price Supported at 1.08M

 

A BUYER'S MARKET IN TORONTO?

As per the TRREB GTA report for November 2022, the market activity carried on being affected by the high borrowing costs on affordability. A decline of home sales recorded about 49% year-over-year basis. The new listings at 8,880 also reduced by about 12% compared to November 2021. In the current uncertain atmosphere, the price gap between the buyer-seller expectations still remains on the market even though Canada's central bank raised the interest rates for 7 times in 2022. The sales-to-new-listings ratio reduced to below 50% indicating likely a buyer's market. The average selling price was still sticked between $1.08 - $1.09 since August 2022 due to the limited decent listings on the market.

The GTA average price of November reduced by 19% to compare with the peak record $1,334,544 of February 2022.

The above is a table of the average selling prices in different segments at different areas between the peak February and the previous month of November in 2022 to compare the changes. It may not be an ideal comparison due to the seasonal adjustments. It is purposed to show the property price depending on the local dynamic and neighbourhood in the area.

Detached: Burlington (-32%) and Georgina (-34%); Markham (-17%), Richmond Hill (-15%), Newmarket (-19%) & Stouville (-11%)

Semi-Detached : Burlington (-30%), Caledon (-35%)

Townhouses : Burlington (-30%); Halton Hills (-19%), Mississauga (-18%), City of Toronto (-14%), Markham (-20%), Vaughan (-15%)

Condo/Apartments : Brampton (-24%); Halton Hill (-3%); Toronto Central (-8%), Burlington (-8%). The overall deducation percentages are smaller than other segments because of the demand for first time buyers or investors. The condo affordable prices can reduce the impact on high borrowing cost and mitigate the risk.

 

"It is officially a buyer’s market in many parts of the GTA as the ratio of sales to new listings continues to slide amid an ongoing housing correction, a new report from a major Canadian bank says." RBC report was released on December 16

Market Watch Full Report for November 2022
11月地产数据报告

In terms of the rent increase percentage of both month-over-month and year-over-year, Toronto and Vancouver are the two most expensive cities in Canada

“One-bedroom rents averaged $2,661 in Vancouver and $2,551 in Toronto, while two-bedroom rents averaged $3,707 in Vancouver and $3,363 in Toronto.”What do you want your readers to know? Make your text stand out by customizing the font, style and format.

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