What’s Happening In The Market
The Toronto Regional Real Estate Board (TRREB) has released the MLS sales data for April 2022. With 8008 home sales reported, transactions were down 41.2% year-over-year and down 27% from the previous month.
Though the number of new listings dropped 11.7%, it continues to decrease at a slower rate than sales, which has had a positive impact on housing supply. At month’s end, there were 13,098 Active Listings, a gain of 12.3% from a year earlier, and representing a 1.7-month supply as we head into May. Months of inventory is now at its highest levels since April and May 2020, a period that yielded inflated numbers due to the Covid-19 pandemic.
The average April sale took place in 11 days on market at 7% over the listing price. Of course, sales trends vary by region and neighbourhood. Durham region continues to lead the way with 8 days on market, at 14% over the list price. Sales in Toronto’s east end were not far behind, averaging 9 days on market at 13% over the list price.
Though slightly down from March, the average sales price of $1,254,436, represents a 15% increase compared to last year. The MLS Home Price Index (HPI) Composite Benchmark was up 30.6% (+25.6% in Toronto) from April 2021.
Looking at price by housing type, detached homes sold for an average of $1,628,343, a year-over- year increase of 17.5%. The average price for semi-detached homes was $1,259,243 (+17.8%), townhomes rose on average to $1,019,350 (+18.8%), and the average price of condos was $789,869 (+14.1%).
Market activity in April suggests that buyers are responding to recent increases in the lending rates and the impact on affordability. Despite slower sales, market conditions remain tight, suggesting prices will continue to be up year-over-year but at a slower rate of growth than has been seen in recent years. For the latest data in a rapidly changing market, please speak with a member of our team.
For over 36 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.
