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Sutton Group Old Mill Realty Inc. Brokerage | Independently Owned + Operated. | 4237 Dundas St West |
Etobicoke ON | M8X 1Y3

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MARKET UPDATE | DECEMBER 2022

1/5/2023

 
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➕‘the numbers’ for the last month of 2022 are are in!   December marked a historically quiet month in both sales and new listings - driven largely by seasonality and the continued aggressive Bank of Canada rate hikes. However there were a couple noteworthy insights in the monthly data.


First, both the detached and condo market segments experienced month over month price growth.  Average selling prices for detached homes increased +4% vs. November, and condos increased +1%. Whereas, the semi-detached and townhouse segments declined.


Secondly, the December market type moved back into a ‘Sellers’ market as total December sales were 77% of December new listings. Note: Any percentage above 60% is in ’Sellers’ market territory.   It’ll be interesting to see whether this market type will persist in 2023 given the trending low level of new listings.


All that said, the more interesting insights will be found when looking at the full year. We’ll be providing a full recap of 2022 in our our upcoming annual year-in-review report!


Looking to buy or sell a home in Toronto? Average prices in December were as follows:
➕Detached $1,627,635  [-4% vs. 2021]
➕Semi-detached $1,152,073  [-14% vs. 2021]
➕Townhouse $878,984 [-12% vs. 2021]
➕Condo $741,584 [+1% vs. 2021]

••••••
Data presented is for Toronto Only.   Source: TRREB.
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MARKET UPDATE | NOVEMBER 2022

12/6/2022

 
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➕‘the numbers’ for November are in!  The market continues to be influenced by higher borrowing costs that commenced in the spring.  Total Sales have flattened month over month and remain down -50% when compared to November 2021.   However with inventory [new listings] near historic lows, the supply/demand equation has found some balance enabling average prices to stabilize since August.  That said, average selling prices remain down -4% in November vs. 2021, with declines are more pronounced in expensive market segments, including detached and semi-detached houses.


“Increased borrowing costs represent a short-term shock to the housing market. Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth,” said TRREB President Kevin Crigger.
​

Looking to buy or sell a home in Toronto? Average prices in November were as follows:
➕Detached $1,560,548  [-14% vs. 2021]
➕Semi-detached $1,187,0162  [-17% vs. 2021]
➕Townhouse $995,074 [+1% vs. 2021]
➕
Condo $734,797 [-1% vs. 2021]
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Market Update | October 2022

11/3/2022

 
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➕‘the numbers’ for October are in!  The Toronto housing market continues to adjust to increasing borrowing costs.  Total Sales for Toronto were down -50%, new listings also declined by -20%, and active listings increased +26% when compared to last October in 2021.


Of particular note, new listings were near historic lows and as a result multiple offers on desirable properties were not uncommon. The average price of a Toronto home experienced the third consecutive month over month gain -  from a low of $1,019,100 in July to  $1,091,097 in October.


Finally, we recognize that economic uncertainty will remain a significant driver of the short term market dynamics in Toronto, however we also expect a rebound in the medium-longer term.


Looking to buy or sell a home in Toronto? Average prices in October were as follows:


➕Detached $1,609.077  [-10% vs. 2021]
➕Semi-detached $1,219,812  [-8% vs. 2021]
➕Townhouse $1,003,359 [-2% vs. 2021]
​➕Condo $740,374 [-11% vs. 2021]

​Data presented is for Toronto Only.   Source: TRREB.

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MARKET UPDATE | SEPTEMBER 2022

10/5/2022

 
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➕‘the numbers’ for September are in.  As the housing market continues to adjust to higher borrowing costs, the the sales volume for Toronto in August 2022  was down -49%, and new listings declined by -24%.  The market conditions for month of September moved Toronto into a ‘Buyer’s Market’, however a continuation of tightening market can be seen with an average increase of +5% in overall prices - driven by the gains in the condo and townhouse segments, as well as certain neighbourhoods within Toronto.


For Sellers, the average selling prices in the ‘416’ were:  detached houses [-11%], semi-detached houses [-7%], townhouses [+1%] and condos [+3%] vs. September 2021.


Looking to buy or sell a home in Toronto? Average prices in September were as follows:


➕Detached $1,585,589
➕Semi-detached $1,210,715
➕Townhouse $943,922
➕Condo $769,058
••••••
Data presented is for Toronto Only.   Source: TRREB.
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MARKET UPDATE | AUGUST 2022

9/9/2022

 
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➕‘the numbers’ for August are in.  Toronto market conditions in August continued as a ‘balanced market’,.  August 2022 sales volume was down -37%, along with a -10% decline in new listings, and Buyers continue to benefit from more choice and a less frenzied buying experience.


That said, the initial signs of tightening can be seen with sales making up a higher share of new listings. Moreover, August marked the first month since the spring peak that the average price of a Toronto home [$1,031,979] was up both month-over-month [+1% vs. July 2022] and year-over-year [+3% vs. August 2021].


For Sellers, the average selling prices in the ‘416’ were:  detached houses [-2%], semi-detached houses [-7%], townhouses [+1%] and condos [+2%] vs. August 2021.
​

Looking to buy or sell a home in Toronto? Average prices in August were as follows:

➕Detached $1,648,298
➕Semi-detached $1,127,429
➕Townhouse $913,410
➕Condo $736,940

Data presented is for Toronto Only.   Source: TRREB.

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    LOIC DANIS

    Loic Danis is a Toronto Real Estate Broker and Broker of Record/Owner of Sutton Group Old Mill Realty Inc. specializing in residential and investment real estate in Downtown Toronto, Etobicoke + West Toronto neighbourhoods including The Kingsway, Babypoint, Sunnylea, Swansea, Roncesvalles, High Park, Swansea, New Toronto, Mimico, Waterfront Communities, Yorkville, St. Lawrence Market, Bay Street Corridor and more! 

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LOIC DANIS
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Direct | 416-671-0300
Office  | 416-234-2424

Sutton Group Old Mill Realty Inc.
Independently Owned + Operated

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