➕‘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.
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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