➕‘the numbers’ for May are in.  Toronto real estate market conditions continued to evolve in response to higher borrowing costs and other market influences. Similar to April results, May 2022 sales were down on a monthly and annual basis.


While May technically remained a ‘sellers’ market when looking at the entire month, the more balanced market conditions have provided active buyers with more negotiating power.  Moreover, month over month trends indicate an official ‘balanced’ market is on the horizon, if not already arrived.


The current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold for now.  As home buyers adjust to higher borrowing costs, demand for housing will be supported by low unemployment, rising incomes and record immigration.


For Sellers, market conditions remained tight enough to support year over year gains in average selling prices in the ‘416’ including detached houses [+12%], semi-detached houses [+8%], townhouses [+11%] and condos [+11%] vs. 2021.


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


➕Detached $1,914,890
➕Semi-detached $1,426,273
➕Townhouse $1,045,874
➕Condo $793,124
​

Data presented is for Toronto Only.   Source: TRREB.

➕‘the numbers’ for April are in. The Bank of Canada’s goal of slowing consumer spending is reflected in this month’s Toronto Real Estate market statistics with transactions down vs. last month [-6%], and last year [-36%]. Consistent with historical rate tightening cycles, the recent sharp 0.5% rate hike has prompted some buyers to delay their purchase. However, despite the lower volume, market conditions remained tight enough that the average selling prices in April grew by double digits vs. last year, and it is expected that the supply/demand dynamic will remain competitive enough to support price growth vs. 2021, but the rate of increase will moderate in the coming months.
Specifically, properties in the ‘416’ area code realized gains in average selling prices for detached houses [+15%], semi-detached houses [+14%], townhouses [+15%] and condos [+13%] vs. 2021.
Looking to buy or sell a home in Toronto? Average prices in April were as follows:
➕Detached $1,947,975
➕Semi-detached $1,494,640
➕Townhouse $1,086,986
➕Condo $820,835
Data presented is for Toronto Only.   Source: TRREB.

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​➕‘the numbers’ for March are in.  Market conditions remain tight across all home segments however with more Sellers returning to the market vs. the preceding nine months, some Buyers may not have experienced the same level of competition on offer night. The possibility of more moderate price growth in the future could be realized if new listings continue to climb in the months to come.  That said, current demand continues to exceed supply especially in some neighbourhoods, and price growth remains in the double digits vs. March 2021.   

Specifically, properties in the ‘416’ area code realized gains in average selling prices for detached houses [+10%], semi-detached houses [+20%], townhouses [+16%] and condos [+17%] vs. 2021. 

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

➕Detached  $1,920,018
➕Semi-detached  $1,545,447
➕Townhouse $1,117,469
➕ Condo $831,351