New statistics from the Toronto Regional Real Estate Board .show that the number of homes sold in the Greater Toronto Area fell by 47% in July compared to July 2021.
Sales are down 47 percent from July 2021. Year over year, new listings are also decreasing. In the second half of 2022 and 2023, the trend for new listings is projected to follow the trend for sales.
The MLS® Home Price Index (HPI) Composite Benchmark grew 12.9 percent year on year. The average selling price increased by 1.2% year on year to $1,074,754. Less expensive house types, such as condo apartments, saw faster price growth.
The number of home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 was 4,912, a 47 percent decline from July 2021. In July, new listings fell by 4% year on year.
TRREB says this could help to allay some of the uncertainty about where the housing market is headed.
The president of TRREB says the federal government has a responsibility to maintain confidence in the financial system. He says longer mortgage amortisation periods of up to 40 years on renewals and switches should be explored. “There is a shift in consumer sentiment, not market fundamentals,” Kevin Crigger says.
Sales in July were down 47 percent from the same time last year and 24 percent from last June. Toronto Regional Real Estate Board: Last month’s 4,912 transactions were nearly half of the 9,339 properties that changed hands the previous July. The market is slowing from the frenetic pace experienced earlier this year.