Toronto Market Update – October 2022

Posted by Nutan Brown on Friday, October 7th, 2022 at 12:38pm.

Toronto home prices were down in September as the market experienced the lowest number of new listings in 20 years.

The average selling price of a Toronto home came in at $1,086,762, which is a 0.67% increase compared to the previous month of $1,079,500. It was the second consecutive monthly price increase, but on a year-over-year basis the average house price dipped 4.3%.

“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer,” Jason Mercer, chief market analyst for TRREB, said in a news release. “October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month.”

In total, there were 11,237 homes that hit the market last month, which marks the lowest number for September since 2002.

Also last month, 5,038 homes were sold across the GTA, representing a 10.5% decrease compared to the previous month. On a year-over-year basis sales dipped 44.1%, reflecting a dramatically different market than the one that existed a year ago.

A major factor impacting the market are the mortgage rates, which are now in the 4% - 5% range compared to less than 1.5% at their lowest in 2021.

“We are going into the fall market which tends to be the more active period,” said real estate board president Kevin Crigger.

Stay tuned to see where the market heads as we move into the fall! As always, feel free to contact me if you have any questions.

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