Toronto Market Update – August 2022

Posted by Nutan Brown on Monday, August 8th, 2022 at 12:54pm.

Toronto home prices and sales continued to slide as economic uncertainty and rising rates put more potential homebuyers on the sidelines.

According to the latest TRREB report, a total of 4,912 sales were made in July which represents a 47% drop compared to 9,339 during the same time last year and a 24% drop compared to this past June.

Much of this moderation has been attributed to the rising mortgage rates, which has caused many people to rethink their housing intentions.

Despite the slump in sales, TRREB said that more households in the Greater Toronto Area will be planning to purchase a home in the future but are uncertain of where the market is headed.

Toronto home prices also fell 6% compared to last month, hitting an average of $1.074 million. Despite the month-over-month decline, the average selling price for all houses and condos in the GTA was actually up 1.2% compared to July 2021, largely due to an increase in prices for less expensive homes.

That average price is down more than $255,000 compared to the February market peak of $1.33 million, making it the fifth consecutive monthly decline.

As uncertainty continues in the Toronto housing market, it is more important than ever to contact a real estate agent if you are planning to move. If you have any questions, please feel free to reach out anytime.

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