➕‘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.
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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]

➕‘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.

➕‘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
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Data presented is for Toronto Only.   Source: TRREB.

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➕‘the numbers’ for July are in.  Market conditions in Toronto moved into a balanced market in July 2022. Buyers continue to benefit from more choice and the annual rate of price growth has moderated.

Overall, the average selling price in Toronto remained flat when compared to July 2021 to $1,019,100. Less expensive home types, including condo apartments, townhomes, and semi-detached properties experienced positive price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs. The average selling price for detached homes declined -7% vs. July 2021

July 2022 sales volume was down -44%, along with a -14% decline in new listings.  With significant increases to lending rates in a short period, there has been a shift in consumer sentiment.  However, long term demand for housing will remain strong and once prices stabilize it is expected to bring more activity to the market.

For Sellers, the average selling prices in the ‘416’ were:  detached houses [-7%], semi-detached houses [+5%], townhouses [+8%] and condos [+4%] vs. July 2021.

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

➕Detached $1,515,763
➕Semi-detached $1,268,630
➕Townhouse $963,545
➕Condo $744,092

Data presented is for Toronto Only.   Source: TRREB.