TRREB’s July GTA Data.
Toronto, August 7th, 2022
By Ivan Kalinin
Since the pandemic in 2020, the Toronto real estate prices have undergone a roller coaster. What was peculiar is that the lockdowns shifted the market cycle drastically, making the summers of 2020 and 2021 ones of the busiest in the history.
It seems that after 2 years of unprecedented market conditions, the real estate market is finally following its normal trends. The months of July and August are known to be slower than those in spring or fall. People are less involved in real estate and are either traveling, taking vacations or are being busy with the kids, rather than checking out properties. Last month we have seen a significant drop in activity, compared to June. The Toronto and the GTA markets are staying within the balanced territory, with buyers gaining more options to choose from and enjoying the more relaxed market conditions.
The GTA And Toronto Real Estate Prices – The Stats
There was a total of 4,912 sales taking place in the GTA, which is a decline of 47% year over year. The new listings are down by 4% from July 2022, while the average sale price is up by 1.2% since last year. The new average sale price has reached $1,074,754.
Toronto Real Estate Prices: Year-Over-Year Changes (The GTA)
Toronto Real Estate Prices: Year-Over-Year Changes (City of Toronto)
The month-over-month statistics shows that both, the activity and the prices have fallen significantly in July. Since the market is seemingly resuming its normal market cycles, we can possibly expect this trend to extend into August as well. If that is true, we can also expect an uptick in activity this coming fall, starting sometime mid-September and regaining some of its traction in October and November.
Toronto Real Estate Prices: Month-Over-Month Changes (The GTA)
Toronto Real Estate Prices: Month-Over-Month Changes (City of Toronto)
Homebuyers Have Their Sights On Toronto and the GTA Condos
Condos have been in high demand in July, especially in the GTA, where the prices increased by 11.9% for this asset type. This was the largest price growth across all asset types in July. There were a total of 1,365 sales taking place positioning condos in the second place after detached homes (2,203 sales in July).
Condos still being the cheapest asset type and more people are coming back into urban areas for work, making it an attractive prospect. On top of that, the rental market is extremely busy with the rental rates increasing by more than 20% since last year. The softer market for resale condos and higher rental rates makes it an attractive option among investors as well.
Peel and York regions had the most condo sales across the entire GTA in July, 154 and 145 respectively. These regions are more affordable than the City of Toronto. The average price in Peel was $616,876 and $687,843 in York. In Toronto the average price was $744,092 in July.
These markets are certainly worth exploring for prospective buyers and sellers should be aware that their product is in demand even during the slower months of the year.
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TORONTO REAL ESTATE MARKET STATS
TORONTO REAL ESTATE MARKET STATS
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Ivan Kalinin is a sales agent at Key Toronto Real Estate Group. Zoocasa Realty Inc. – Brokerage independently owned and operated, He can be reached at 416 858 8085. Not intended to solicit clients already under contract.
