Here you are going to have a look at the summary of real estate statistics of Toronto, Ontario, Canada. This data is represented by TRREB MLS Statistics. In December, the activity of the market of homeowners is constantly to be influenced by the effect of the higher borrowing costs on the house affordability.
Sales were less markedly as compared to the same period of last year, following the trend that has unfolded since the start of the interest rate rise in spring. There was also a fall in the new housing listings substantially from the last year and at a low level historically. The average selling price of around $1.08 to $1.09 million has been supported by the low supply of the homes for sale since August.
According to the report of Greater Toronto Area (GTA) Realtalors, there have been 4,544 sales by the system of TRREB MLS in December 2022 which represented a fall of around 49 percent as compared to December 2021, but the remaining was at same level to October particularly after taking into account the downward trend of recurring season in the fall.
TRREB’s president Kevin Crigger has also shared his views in this regard. He said that increased borrowing costs show a short-term shock to the real estate market. Over the medium to the long term, demand for the ownership of houses will be picked up strongly. This is due to the large share of the record immigration will be pointed at Greater Golden Horseshoe and the GTA in the coming years.
As a result of the above many people will need an affordable place to live, with the majority looking to buy. He further said that the long term problems that policy makers are going to face will not be borrowing cost and inflation, but rather that it is the surety that we have enough affordable houses to accommodate this growth of population.
TRREB MLS System has also summarized the real estate data of the city and GTA of December 1-31, 2022. The total number of sales in the city of Toronto were 1798 and the new listings were 3562. The total average price in the city was 1050778.
The same values for the rest of GTA are also given. The number of sales was 2746. The active listings were 5318. The average cost of houses was 1098127.
Toronto also has different construction styles. The most famous ones are detached houses, semi-detached houses, townhomes and townhomes. The total sales of detached houses were 2059. The average housing price for these houses was 1390162. This represents a year-over- year change of -11.3%.
In the same way, the total sales of semi-detached houses were 386. The average housing price for these houses was 1039200. This represents a year-over- year change of -13.9%.
Now let’s have a look at the same data for townhouses. The total sales of townhouses were 774. The average housing price for these houses was 900314. This represents a year-over- year change of -6.4.
