➕‘the numbers’ for July are in. Market conditions in Toronto moved into a balanced market in July 2022. Buyers continue to benefit from more choice and the annual rate of price growth has moderated.
Overall, the average selling price remained flat when compared to July 2021 to $1,019,100. Less expensive home types, including condo apartments, townhomes, and semi-detached properties experienced positive price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs. The average selling price for detached homes declined -7% vs. July 2021
July 2022 sales volume was down -44%, along with a -14% decline in new listings. With significant increases to lending rates in a short period, there has been a shift in consumer sentiment. However, long term demand for housing will remain strong and once prices stabilize it is expected to bring more activity to the market.
For Sellers, the average selling prices in the ‘416’ including detached houses [-7%], semi-detached houses [+5%], townhouses [+8%] and condos [+4%] vs. July 2021.
Looking to buy or sell a home in Toronto? Average prices in July were as follows:
Data presented is for Toronto Only. Source: TRREB.