GTA REALTORS Announce August Statistics

In August 2022, there were 5,627 home sales reported through the Toronto Regional Real Estate Boards (TRREB) MLS® System, representing a 34.2 percent year-over-year drop and a slower annual rate of decline compared to the previous four months. The August sales result was also a month-over-month increase over July.

When compared to the previous three months, sales represented a higher proportion of new listings. If this pattern continues, it may indicate some support for selling prices in the coming months. The MLS® Home Price Index (HPI) increased by 8.9 percent year over year, and the average selling price for all home types combined increased by 0.9% to $1,079,500.

The average selling price increased slightly month over month, while the HPI Composite fell from July to August. Monthly price growth versus a drop in the HPI Composite suggests that more expensive home types were sold in August.

“While some would-be first-time buyers have temporarily focused on renting as they sit on the sidelines, the less expensive entry prices of condos versus freehold homes has provided an alternative option for purchasers looking to mitigate the impact of higher borrowing costs. The lower average price point in the condo segment has performed better than many low-rise segments of the market since the onset of the Bank of Canada rate hikes in the spring,” said Toronto Regional Real Estate Board (TRREB) President Kevin Crigger.

In Q2 2022, the average selling price increased 12.2% year on year to $769,999. The suburban areas surrounding Toronto experienced faster year-over-year price growth.

“Condo market conditions became more balanced in the second quarter, with buyers benefitting from substantially more choice. However, the pace of annual average price growth remained above the rate of inflation, particularly in areas outside of Toronto that are offering attractive price points,” said TRREB Chief Market Analyst Jason Mercer.