WHAT'S HAPPENING IN THE MARKET?

According to TRREB GTA, the average selling price for the month of December 2022 experienced another drop due to interest rate hikes.

The average selling price for this month had an overall decrease of 9.2% compared to December of 2021, and compared to last month (November 2022), prices decreased by $28,179 from $1,079,395.

Looking at the trend, we could see a slight drop in prices for December compared to November, which was to be expected. 

Taking a look at the average selling price in 2022, we can see that the peak was in March when prices were averaging around almost $1,400,000 and the lowest was in December, dropping to around $1,050,000, which is approximately a drop of 25%.  

By home type, Semi-Detached had the highest drop with a decrease of 26.6% and Condo Apartments had the lowest drop with 12.8%. 

The number of transactions has been lowered by 48.3% compared to last month's transactions.

The total number of sales for 2022 is 38% lower compared to the total number of sales from 2021, since 2021 had the highest sales in TRREB history. The number of transactions decreased from 122,133 to 75,652.

Active listings are up by 169% compared to December of last year. 

However, December 2021 had a significantly low inventory level when compared to other years. 

If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

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