Real Estate Sales Down by 44.6%, Avg. Selling Price Down by 16.4%: TRREB Report January 2023

Sales Down by 44.6%, Avg. Selling Price Down by 16.4%: TRREB Report January 2023

 

The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.

 

Sales:

GTA REALTORS® reported 3,100 sales through TRREB’s MLS® System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022.

 

Average Selling Price:

The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 per cent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes.

 

 

 

Summary of TRREB MLS System Sales and Average Price January 1 - 31, 2023

 

                                                        2023                                                                                   2022

 

                            Sales               Average Price        New Listings                  Sales           Average Price                 New Listings

 

Toronto                1,108                  987,842                  3,010                            2,235              1,072,177                      3,112

(416)

 

Rest of GTA        1,992                1,066,938                 4,678                            3,359               1,355,673                      4,871

(905)

 

GTA                      3,100              1,038,668                 7,688                             5,594              1,242,407                      7,983

 

 

 

 

TRREB MLS System Sales & Average Price by home Type January 1 - 31, 2023

 

                                                           Sales                                                                             Average Price

 

                               416                      905                      Total                           416                    905                            Total

 

Detached               318                    1,066                     1,384                     1,486,124          1,298,809                 1,341,848

Yr./Yr.%

Change                  -32.8%               -38.9%                   -37.6%                      -21.3%               -23.8%                     -23.0%

 

Semi-

Detached               84                       156                        240                       1,150,506             949,216                1,019,668

Yr./Yr.%

Change                 -40.4%                -47.8%                  -45.5%                       -22.1%               -23.2%                     -22.3%

 

Townhouse           92                        407                       499                          981,187             866,458                   887,610

Yr./Yr.%

Change                  -54.5%               -40.2%                 -43.5%                        -9.1%                 -20.0%                     -18.0%

 

Condo

Apartment            604                      346                       950                           711,171              646,715                 716,515

Yr./Yr.%

Change                 -57.0%               -42.7%                 -52.7%                         -6.4%                  -10.3%                   -8.1%

TRREB Market Watch Report

Average rent in Canada increased by 10.9% in 2022 and it's projected to add another 5% in 2023.

... According to year end data from Urbanation and Rentals.ca, "The Intelligencer"

High Interest Rates, Persistent Lack of Inventory = Sales Down by 49.1% in October 2022, TRREB

According to Toronto Regional Real Estate Board’s (TRREB) MLS® System GTA REALTORS® reported 4,961 sales in October 2022 - a similar number to September 2022 but down by 49.1% compared to October 2021.

Year-over-year sales declines were similar across major market segments (Detached, Semi-Detached, Townhouses & Condo Apartments).

New Listings:
New listings were down by 11.6 per cent year-over-year and reached an October level not seen since 2010.

Average Selling Price:
The average selling price for all home types combined, at $1,089,428, was down by 5.7% compared to October 2021.

 Summary of TRREB MLS System Sales and Average Price October 1 - 31, 2022

 

                                                                        2022                                                                                        2021

                             Sales               Average Price        New Listings                 Sales           Average Price                 New Listings

 

Toronto               1,894               1,093,097                  4,101                          3,782              1,122,436                       5,144

(416)

 

Rest of GTA        3,067               1,087,162                  6,289                          5,961               1,176,680                      6,605

(905)

 

GTA                     4,961               1,089,428                10,390                         9,743                1,155,624                    11,749

 

 

TRREB MLS System Sales & Average Price by home Type October 1 - 31, 2022

 

                                                            Sales                                                                             Average Price

                                 416                      905                      Total                           416                    905                            Total

 

Detached               599                    1,701                     2,300                     1,609,077          1,289,107                 1,372,438

Yr./Yr.%

Change                  -43.3%               -46.9%                   -46.0%                       -9.9%                -11.8%                        -11.0%

 

Semi-

Detached               201                      245                      446                         1,219,812             964,193                1,079,393

Yr./Yr.%

Change                 -44.8%                -51.9%                  -48.9%                       -7.6%                  -6.3%                         -6.2%

 

Townhouse           185                       637                      822                        1,003,359             895,665                    919,903

Yr./Yr.%

Change                  -56.7%               -46.6%                 -49.3%                        -2.2%                 -4.0%                         -3.9%

 

Condo

Apartment            888                      450                      1,338                        740,374              669,434                    716,515

Yr./Yr.%

Change                 -53.5%               -54.2%                 -53.7%                          0.0%                   5.7%                         -1.8%

TRREB, October 2022 Market Watch Report

TRREB Housing Market Report, August 2022, Sales Down, Selling Prices Up 4 Condos & Townhomes

Sales Down 34.2% Year-over-year but higher than in July

There were 5,627 home sales reported through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in August 2022, representing a year-over-year dip of 34.2%  – a lesser annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase compared to July.

 

Sales represented a higher share of new listings compared to the previous three months.

If this trend continues, it could indicate some support for selling prices in the months ahead.

 

 

On a year-over-year basis, the average selling price for all home types combined was up by 0.9% to $1,079,500. The average selling price was also up slightly month-over-month.

 

 

Despite sales being down, Average Selling Prices of Townhouses and Condos are up.

 

 

Summary of TRREB MLS® System Sales and Average Price - August 1 - 31, 2022

 

                                                       2022                                                         2021

                                    Sales        Avg. Price         New Listings         Sales        Avg. Price        New Listings

 

City of Toronto (416)     1,892         $1,031,979          3,785               2,988         $999,510         4,212

Rest of GTA (905)         3,735         $1,103,573          6,752               5,561       $1,108,184        6,403

GTA                             5,627       $1,079,500         10,537              8,549       $1,070,201      10,615

 

 

TRREB MLS® System Sales & Average Price By Home Type, August 1 - 31, 2022

 

                                                    Sales                                                    Average Price

                                    416            905          Total                   416                   905                      Total

 

 

Detached                   511          2,084         2,595            $1,648,298         $1,313,839           $1,379,700

Yr./Yr. % Change       -26.0%      -30.3%      -29.5%              -1.7%                -3.7%                  -3.1%

  

 

Semi-Detached         159            367           526              $1,127,429          $942,628               $998,490

Yr./Yr. % Change       -29.6%      -28.7%      -29.0%              -7.3%                -1.1%                   -3.4%

 

 

Townhouse                 182           753            935              $913,410           $897,140             $900,307

Yr./Yr. % Change        -44.0%      -35.9%      -37.7%                0.4%               3.7%                 2.9%

 

 

Condo Apartment       1,028         479           1,507             $736,940         $656,339              $711,321

Yr./Yr. % Change        -40.6%      -40.5%      -40.6%                2.6%               6.0%                 3.6%

Full Report:

TRREB New and Market Watch

TRREB Housing Market Report for April 2022, Sales Down, Prices Will Growth at Moderate Pace

 As you probably know by now, the Federal Government raised Interest rates recently in order to cool down the inflation ( caused by covid-19, supply chain issues, War in Ukraine, Gas Prices).

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs. The number of transactions is down on a monthly and annual basis.

Some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.

 

April Sales:

GTA REALTORS® reported 8,008 homes sold through TRREB’s MLS® System in April 2022 – a 41.2% decrease compared to April 2021 and a 27% decrease compared to March 2022.

 

On a year-over-year basis, the decline in sales was greater in the ‘905’ area code regions surrounding Toronto, particularly for detached houses.

 

April Average Selling Price

The average selling price, at $1,254,436, was up by 15% compared to April 2021, but down compared to the average selling price of $1,300,082 in March 2022.

“Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year. However, in line with TRREB’s forecast, there is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month.

 

It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months,” said TRREB Chief Market Analyst Jason Mercer.

TRREB Market Watch April 2022 Full Report

231 Fort York Blvd., Downtown Toronto, Ontario, MLS # C5557296

 (Lakeshore & Bathurst St.)

SOLD, SOLD, SOLD Over Asking Price: $599,900.00

Fantastic, spacious, freshly painted one bedroom + den condo w/ great layout & spectacular views of the lake & the city. Ensuite laundry, 2019 installed engineered wooden floors, open balcony w/ all season carpet, br. W/ mirrored sliding doors & 2019 custom closet organizer. Short walk to the waterfront & parks (bike or jog), TTC, CNE, groceries, schools, library, etc.

49 Marion Street, Toronto ON MLS # W5500085

 (Queen St. West & Roncesvalles, High Park Area)

SOLD, SOLD, SOLD Over Asking Price: $1,450,000.00

Large Brick Detached Duplex (49 & 51 Marion St.) w/ 3 Separate Units, Each W/ Exit To Internal Staircase at the back of The Building. 

Main Floor (w/ Sliding Door To Backyard ) & 2nd Floor (w/ Sliding Door To Open Balcony) Have Similar Layout. They both come w/ Living Room, Dining Rm Combined w/ Kitchen, 3 Bedrooms & 4Pc Washroom. 

Basement Apartment w/ Wall To Wall Ceramic Floor Has Living Room w/ Sliding Door To Backyard, Kitchen w/ Eating Area, 2 bedrooms & 4Pc Washroom.

Extras:

Laundry Coin Operated Washer & Dryer, All Appliances (3 Fridges, 3 Stoves), Hwt & Boiler Are Owned. 3 Hydro Meters Exclude: All Window Coverings & 2 Light Fixtures (Kitchen & Dining Area) In 2nd Floor Unit. Working Electric Fireplace Inserts