Courtesy of Mauricio Gomez

Toronto June Market Report

$793,124 condo/apartment UP 10.6% year-to-year

$1,914,890 detached UP 11.6% year-to-year

AVERAGE SALE PRICES

6,877 NEW LISTINGS 2,679 SOLD LISTINGS

$928,464 condo/townhouse UP 15.9% year-to-year

detached 2,036

462 condo/town.

63.2% SALES TO NEW LISTING RATIO

13 DAYS ON MARKET

1.2 MONTHS OF INVENTORY

ACTIVE LISTINGS (residential inventory) 5,970

GTA REALTORS® Release, June 3, 2022 – Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month over-month basis. ‘’Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the

summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,’’ said TRREB President Kevin Crigger. GTA REALTORS reported 7,283 sales through TRREB’s MLS System in May 2022 - down 38.8 per cent compared to May 2021 and down nine per cent compared to April 2022. The number of new May listings was similar to last year’s level and edged up on a month-over-month basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on a year over-year basis by 26 per cent. Statistics reflect market activity in May 2022 | Source: TRREB ® Toronto Regional Real Estate Board | Market values stated are average prices. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

www.GomezRealty.ca

mauricio@gomezrealty.ca Direct: 416 564 7901 | Office: 866 530 7737

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