GTA REALTORS Release November 2022 Stats
GTA REALTORS Release November Stats
GTA Real Estate Market Update by Toronto Real Estate Board
|The homeownership market in the Greater Toronto Area (GTA) was impacted by higher borrowing costs in November, leading to a decline in sales and new listings. The limited supply of homes for sale has supported average selling prices at around $1.08 to $1.09 million since August. GTA REALTORS® reported 4,544 sales through TRREB’s MLS® System in November 2022 – a 49% drop compared to November 2021. New listings were down on both a year-over-year and month-over-month basis.
TRREB President Kevin Crigger believes that higher borrowing costs are a short-term shock to the housing market, and that over the medium to long-term, demand for homeownership will pick up strongly due to record levels of immigration to the GTA and Greater Golden Horseshoe (GGH) in the coming years. TRREB CEO John DiMichele added that new housing supply and related policy efforts need to produce results over the next year to avoid further un affordability and reduced economic competitiveness.
The MLS® Home Price Index Composite Benchmark was down by 5.5% year-over-year in November 2022. The average selling price for all home types combined was down by 7.2% year-over-year. Annual price declines continued to be greater for higher-priced market segments, including detached and semi-detached houses. TRREB Chief Market Analyst Jason Mercer said that selling prices have declined from their early year peak and the downward trend has ended, with prices remaining stable alongside average monthly mortgage payments since the summer.