GTA Real Estate Market October 2022 – TRREB Report

The average selling price in the Greater Toronto Area found some support near $1.1 million since the late summer.

Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer.

  • GTA home sales continued to adjust to substantially higher interest rates in October 2022, both on an annual and monthly basis.
  • However, new listings are also down year-over-year and month-over-month.
  • There were 4,961 sales reported in TRREB’s October 2022 Market Watch – a similar number to September 2022 but down by 49% compared to October 2021.
  • New listings were down by 11.6% year-over-year and reached an October level not seen since 2010.
  • The average selling price for all home types combined, at $1,089,428, was down by 5.7% compared to October 2021.

Is there light at the end of the tunnel?

In due time, yes!

“In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households,” says TRREB President Kevin Crigger.

“The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle… suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability,” says TRREB Chief Market Analyst Jason Mercer.

Sales & Average Price by Home Type October 2022

SalesAvg. Price
416905Total416905Total
Detached5991,7012,300$1,609,077$1,289,107$1,372,438
Semi201245446$1,219,812$964,193$1,079,393
Condo Townhouse185637822$1,003,359$895,665$919,903
Condo Apartment8884501,338$740,374$669,434$716,515

YoY % Change

416905Total416905Total
Detached-43.3%-46.9%-46.0%-9.9%-11.8%-11.0%
Semi-44.8%-51.9%-48.9%-7.6%-6.3%-6.2%
Condo Townhouse-56.7%-46.6%-49.3%-2.2%-4.0%-3.9%
Condo Apartment-53.5%-54.2%-53.7%0.0%5.7%1.8%

Average Home Prices by City October 2022

DetachedSemiCondo TownhouseCondo Apartment
Mississauga$1,389,165$1,010,925$793,735$648,801
Milton$1,262,852$1,026,555$688,167$650,030
Oakville$1,866,272$1,032,125$949,148$824,237
Burlington$1,422,939-$808,836$760,697
Brampton$1,163,975$920,700$679,354$542,825
City of Toronto$1,609,077$1,219,812$863,310$740,374

GTA Real Estate Market October 2022 – Team Kalia’s POV

A lot goes into selling a home, especially in the current market scenario! Last month. we had showcased the power of Pricing a Property to Sell by sharing the example of the Brampton detached home sold by Team Kalia.

This month, we’d like to feature the importance and value in Upgrading a Property to Sell.

Team Kalia sold a Condo Townhouse where we assisted the Seller with some significant upgrades to this 3 Bedroom, 1.5 Bathroom home including: Kitchen Cupboards, Flooring, Paint, Light Fixtures, Smoke Detectors, Thermostat, Powder Room and All New Kitchen Appliances. Check out the before and after photos in our blog post! The townhome was Sold Conditional on the very first day of listing and within a week, it was Sold Firm.

Remember, even in the tightest of market conditions, there are always committed Buyers who will be drawn to properties that show well and are priced well.

GTA Real Estate Market October 2022 – What are Your Current Options as a Buyer or a Seller?

If you are a first time buyer, it can be a smart move to get into the housing market now. GTA prices started to plunge in Mar 2022. In these eight months, the prices of detached homes in Mississauga have come down by approx. $200K to $250K from the peak (from earlier this year and 2021).

Read insights as well as stats on the GTA condo apartment market performance for the third quarter of 2022.

It is important to keep in mind that the real estate market is cyclical and comes back to where it was before the crash, just like the stock market.

We already are witnessing a keen interest from investors and first time buyers. As more buyers enter the market, the price drop will slow down. Also if the interest rate hikes by the Bank of Canada slow down, the property prices can slowly start going up again.

We are not making any market predictions but making assumptions based on past experiences!

Last time when our real estate market crashed in 2017 and homes were not selling, we had predicted that 2017 peak prices can take two years to come back to where they were before the crash and that the prices will go up eventually. We are confident of the same, this time too. It can take two to three years for home prices to surpass our Mar 2022 peak prices, this time too.

Canada has a great economy and plans to welcome 500,000 immigrants per year by 2025So real estate is not really going to get cheap, in our opinion.

Move up Buyers

This is a great time to move up as you stand to gain when moving into a higher value property. Only difference this time is that you should try to sell first and buy only once you have a firm offer in hand. Our team has been buying and selling homes all the time, and we can proudly tell you that there has never been any situation (knock on wood), where we were not able to match the dates for our clients.

Another important step you must take is to speak to your lender and get a pre-approval before you think of listing your property. We have lenders who we can refer you to, and they can help you with this.

Call us to discuss your selling and buying plan and save on commission!!

Seller

If you are in a situation where you must sell before closing your new home, you should call us to help you sell your home.

With a good marketing plan together with a combination of setting the right selling price, home staging, top social media marketing and a great network of Realtors in our local market and across the GTA, coupled with RE/MAX branding, you stand a great chance to succeed in the buyer’s market that we are currently in.

Looking to Buy or Sell in & around Mississauga? Contact Team Kalia today!

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