What’s Happening In The Market

The Toronto Regional Real Estate Board (TRREB) has released the MLS sales data for June 2022. With 6474 home sales reported, transactions were down 41.4% year-over-year and down 11.1% from the previous month.

New listings were up slightly from the same time last year. At month’s end,
there were 16,093 active listings, a gain of 42.5% from a year earlier, and
representing a 2.5-month supply heading into July. Months of inventory
remains at its highest levels in over two years and continues to trend upwards.

Higher borrowing costs and increased inventory continue to take some steam out of the market. As a result, while average selling prices are up year-over-year, they are down on a month-to-month basis. The average sales price of 1,146,254 represents a 5.3% increase compared to last year, but a decline of roughly $65,000 from May. The MLS Home Price Index (HPI) Composite Benchmark was up 17.9% (+15.9% in Toronto) from June 2021.

Looking at price by housing type, detached homes sold for an average of $1,454,902. This is a year-over-year increase of 3.5%, and a month-over-month decline of 6.1%. The average price for semi-detached homes was $1,124,723 (+6.4% / -6.7%), townhomes rose on average to $933,056 (+8.6% / -4.5%), and the average price of condos was $742,216 (+9.3% / -3.7%).

The average May sale took place in 15 Days on Market, up from 12 days in May, and at 100% of the listing price, down from 103% in June.

Home sales have been impacted by affordability challenges from rising prices and increased lending rates, as well as by buyers who have chosen to sit on the sidelines to track pricing trends. We expect current market conditions to remain in place during the slower summer months.

For over 40 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at evan@christensengroup.ca or calling us at 416-441-2888 ext. 772.