Toronto is a city located in Ontario, Canada. Different construction styles are available for sale in the different areas of the city. Houses here are also very affordable and easily available as well. Despite continued real estate market transition to the higher borrowing cost environment, average housing selling cost in Greater Toronto Area (GTA) sought some support around $1.1 million since the time of last summer.
GTA housing sales have continued to compensate substantially for the higher interest rates in October 2022, on both monthly and annual basis. However, the new real estate listings are also down month-over-month and year-over-year. The continuous lack of the inventory assists explains why the downward trend in the house prices experienced in spring has compressed over the past 3 months.
As per the report of GTA Realtors city has around 4,961 sales by the MLS system of Toronto Regional Real estate board in October 2022. While the previous month of September was 49.1% less as compared to October 2021. Across the major segments, the year-over-year sales fall was the same.
New real estate listings were less by 11.6% year-over-year & reached the level of October not seen since 2010. There was a drop in low listings on the annual basis more so for high density and mid density home types, which helps to brief why the prices of houses have held better in these types as compared to the detached houses.
According to the President of TRREB, Kevin Crigger, with the new housing listings near or at historic lows, the moderate uptick in the demand from recent levels would result in the noticeable tightening in the resale house market in the short order. Obviously, there will still be a short term economy. The demand for housing will rebound in the medium-to-long term.
Kevin further said that the initiatives in public policy like the currently introduced provincial More homes built faster act & strong mayor provisions will assist. This ensures that we will see more homes built to an affordable level to meet the requirement of new households.
TRREB MLS System has also provided the real estate data of the Toronto and GTA for October 1-31, 2022. Sales in the city of Toronto were 1894 while the new listing and average housing price was 4101 and 1093097 respectively.
The sales of the rest of GTA were 3067 while the average housing price was 1087162. The new listings in the city were 6289.
As the other cities of Canada, Toronto has different construction styles like detached, semi-detached, townhouses and condominiums. During October 1-31, 2022, the sales of detached houses was 2300 while the average price was 1,372438. This value represents a year-over-year change in average cost of -11.0%.
If we talk about the sales of semi-detached houses then these were 446 with the average housing price of 1079393. This value represents a year-over-year change in average cost of -6.6%.
Let have a look at the real estate data of townhouses then the sales were 882 with the average housing price of 919903. This value represents a year-over-year change in average cost of -6.6%.
