GTA Real Estate Market November 2022 – TRREB Report

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically.

The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August. As per TRREB’s November 2022 Market Watch, there were 4,544 sales in November 2022. This number is down 49% compared to November 2021, but remaining at a similar level to the previous month of October.

“Increased borrowing costs represent a short-term shock to the housing market. Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth,” as per TRREB President Kevin Crigger.

“Selling prices declined from the early year peak as market conditions became more balanced and homebuyers have sought to mitigate the impact of higher borrowing costs. With that being said, the marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer,” as per TRREB Chief Market Analyst Jason Mercer.

What are the indications for the year ahead?

The 2023 Canadian Housing Market Outlook by RE/MAX suggests:

  • Amid rising interest rates, and a looming recession, RE/MAX Canada is anticipating a modest decline of 3.3% in average residential sales prices across the country in 2023.
  • The biggest price declines across the country are expected in Ontario and Western Canada, where some markets may see average residential sale prices decrease by 10% to 15%.
  • Price growth is anticipated in Atlantic Canadian markets.
  • The average residential sale price in the GTA may decrease by up to 11.8% in 2023.
  • Hamilton-Burlington, Oakville, Brampton, Mississauga are expected to see average residential sale prices increase between 2% to 8% in 2023.
GTA Real Estate Market November 2022

Sales & Average Price by Home Type November 2022

SalesAvg. Price
Condo Townhouse178596774$995,074$872,014$900,314
Condo Apartment8993901,289$734,797$648,332$708,636

YoY % Change Nov 2022 vs. Nov 2021

SalesAvg. Price
Condo Townhouse-53.3%-44.0%-46.4%1.4%-8.7%-6.4%
Condo Apartment-54.5%-55.9%-54.9%-1.5%0.3%-0.9%

Average Home Prices by City November 2022

DetachedSemiCondo TownhouseCondo Apartment
City of Toronto$1,560,548$1,187,016$856,777$734,797

New Community-based Reports For You on our Website

We have added some new community based reports for from the Toronto Regional Real Estate Board (TRREB). These charts provide a deeper dive into average home prices by neighbourhood in Mississauga, Brampton, Burlington, Milton, Oakville & Central Toronto on a quarterly basis.

Here is a chart with Average and Mean Prices in Mississauga by neighbourhood for Q3 2022.

TRREB’s Community Housing Market Report – 2022 Q3 – Mississauga
CommunitySalesAverage PriceMedian PriceAvg. SP/LPAvg. DOM
Central Erin Mills59$1,187,905$990,00096%22
Churchill Meadows90$1,088,438$999,99997%21
City Centre147$644,024$610,00099%27
East Credit85$1,276,762$1,195,00096%21
Erin Mills108$1,116,683$1,010,00098%20
Lorne Park23$2,301,587$2,100,00094%30
Meadowvale Village53$1,326,177$1,220,00097%20
Mississauga Valleys49$739,497$700,00098%20
Port Credit20$1,393,125$1,056,93496%25

Any questions regarding Buying, Selling or Investing Homes and Condos in and around the GTA, simply pick up the phone and call Team Kalia at 905-339-5111.

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