GTA REALTORS Release August 2022 Statistics

TORONTO, ONTARIO, September 2, 2022  

 

Toronto Regional Real Estate Board (TRREB) MLS® System in August 2022, represented a year-over-year dip of 34.2 per cent,  lesser rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase compared to July.

Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead. On a year-over-year basis, the MLS® Home Price Index (HPI) was up by 8.9 per cent and the average selling price for all home types combined was up by 0.9 per cent to $1,079,500. The average selling price was also up slightly month-over-month, while the HPI Composite was lower compared to July. 

Monthly growth in the average price versus a dip in the HPI Composite suggests a greater share of more expensive home types sold in August. While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. 

Rates for loans and mortgages have gone up twice this year with more rate hikes expected, this will slow down the economy and drop the inflation rate , however real estate price may continue to be adversely affected  with respect to price.

source market watch trreb