By: Gary Singh

GTA Real Estate Market Update June 2022

Tags: HOMES FOR SALE. TORONTO. MILTON, BURLINGTON, MISSISSAUGA. OAKVILLE, VAUGHAN, GTA




The Resale Real Estate Statistics for the Month of May 2022 are in and here are the Key Facts


- 7,283 sales reported through Toronto Real Estate Board’s MLS (down 38.8% from May 2021).

- Average selling price of all home types was up 9.4% year over year.

- Only 2.12 months of standing inventory.

Here are some additional years over year statistics based on area and type of home, that will shed some more light on the overall market conditions.

Toronto Statistics - Year over Year Average price change

  Yr/Yr Change Monthly Change
Detached 11.6% -1.7%
Semi Det 7.5% -4.6%
Townhouse 1.0% -7.9%
Condo Towns 15.9% -2.5%
Condo Apartment 10.6% -3.4%
 
Mississauga Statistics – Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 8.2% -5.1%
Semi Det 14.9% -4.4%
Townhouse 11.2% -10.1%
Condo Towns 12.3% -5.6%
Condo Apartment 16.5% -5.0%
 
Brampton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 14.3% -8.1%
Semi Det 15.5% -8.4%
Townhouse 19.5% -3.2%
Condo Towns 21.5% -3.4%
Condo Apartment 22.1% -6.5%
 
Milton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 9.1% -1.5%
Semi Det 26.6% 2.4%
Townhouse 11.9% -5.4%
Condo Towns 17.9% -1.1%
Condo Apartment 15.3% -6.9%
 
Oakville Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 4.0% -10.1%
Semi Det 9.8% 8.0%
Townhouse 14.5% 1.2%
Condo Towns -12.8% -14.9%
Condo Apartment 21.4% 2.5%
 
 
The sales volume for the GTA Market was down by 38.8% when compared to May 2021.  Number of new listings were up 0.5% but active listings were up by 26.0% respectively, leading to an increase in inventory of homes for sale.
 
Semi Detached homes led the price gains last month, coming in at 13.2% year over year increase. However the month over month numbers show a decline in average sale price through-out all types of homes, down an average of 4.5%.

The inventory level was at 2.12 months at the end of May 2022,
which is the highest it has been this year.  As mentioned in the last market update, this has led to Buyers having more choice and the year over year price growth has slowed down. 
 
The average price of a home in the GTA for May 2022 was $1,212,806 which is down 2.4% since January, 2022.
 
If you are a first time Buyer, this might be a good time to take advantage of the sluggish market conditions and buy your first home. The interest rates maybe higher now but the prices have stabilized and come down as well.  The higher inventory resulting in sluggish price growth makes this a perfect time to become a homeowner.

If you need to sell, the key in the present market is to price effectively and strategically market the property, staging and presentation play a key role as well.  Also, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings. We have been successful in selling homes for over asking price even after the interest rate increase.

Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.