Monday, September 18, 2023 / by Matthew Daniel Tamburello
HomeSellers: HomeBuyers & Investors: Toronto Home Sales Down 34% Year-Over-Year, but up 15% from July 2022
Matthew Daniel Tamburello
Team Leader & Broker
Trinity Real Estate Consultants
The Toronto Regional Real Estate Board (TRREB) reported 5,627 home sales in August 2022, representing a year-over-year dip of around 34 percent, which is a slower annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase of 15% compared to July, which saw 4,912 home sales.
The average selling price remained fairly steady, up less than $10,000 compared to August 2021, to $1,079,500. This is the first time since February that prices have increased month-over-month. Less expensive home types, including townhomes and condo apartments, is where the modest price growth occurred, as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.
Increasing interest and mortgage rates in recent months have slowed sales and pull down prices, ending bidding wars and encouraging prospective buyers to sit on the sidelines and wait for greater price drops. "The modest price and sales increase is a good sign that the Toronto real estate market may be starting to stabilize.
Here are key market highlights for the Toronto real estate market from August 2022:
- Sales: August 2022 sales totalled 5,627, down 34% from 8,549 last year.
- New Listings: 10,537 in August 2022, down slightly from 10,615 in August 2021.
- Active listings: There were 13,305 listings on the market in August 2022, compared with 8,199 in August 2021, a 62.3% increase.
- Average Listing Days on Market: 19 days in August, up 35 per cent from August 21 at 14 days.
- Average selling price: $1,079,500 in August 2022, less than $10,000 from the $1,070,201 in August 2021.
- Detached Homes: $1,379,700 in August 2022, down 3% on a year-over-year basis, while sales dropped by 29.5% to 2,595.
- Semi-detached Homes: Prices of semi-detached homes dropped 3.4% from last August to $998,490, while sales fell 29% to 526.
- Townhomes: Townhomes increased by 2.9% to $900,307, while sales fell by 37% to 935.
- Condo Apartments: In August 2022, condo apartment prices increased 3.6% year-over-year to $711,321 and sales fell 40.6% to 1,507.