What is happening in our real estate market?
Are prices falling?
Has the “bubble” popped?
Has Toronto’s real estate market collapsed?
Here is the truth as we see it:
Toronto’s housing market has taken a hit; we are nearly at the same prices as a year ago. We undoubtedly see a correction. Will there be more of a correction? Only time will tell.
Specific segments of the market have been hit harder than others. The property will sell quickly if the house or condo is perfect in style and layout, has an excellent location, and has the proper pricing strategy. Sellers should be prepared to have their expectations managed regarding values.
Keep this in mind:
When there are challenges in the marketplace, there is always an opportunity. For example, this is a great time to buy for those looking to enter the real estate market and those looking to move up the ladder.
And this:
Do not fret about the news; those who buy in the next year will look back on this time and count their blessings that they acted when they did. You can never be sure that you purchased at the “lowest” price, but you must remember that the market is on a swinging scale. When you are ready to buy, hold until the next need arises.
Real estate is that simple.
Toronto Real Estate Market Report – August 2022
July 2022 was another month of fewer sales in Toronto’s central areas. There were a total of 892 sales transactions. Keep in mind that with so few trades, the values can be skewed with more lower-priced condos and houses versus higher-priced homes – our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.
Detached Home Values
There were 149 sales in central Toronto in July 2022 (100 fewer sales than last month.) The average home sold for $1,933,346, down 16% (down nearly 10% from the previous month) since July 2021. The average home was on the market for a meagre 16 days.
Semi-Detached & Townhouse Values
There were 148 sales in central Toronto in July 2022. The average home sold for $1,389,949, up 3% since July 2021. The average home was on the market for half of the Toronto market average, 17 days.
➤ Check out our top reads for anyone thinking about living in Toronto:
- Why Parents Should Invest In Toronto Condos For Their Children
- This Is the Year For Buyers To Buy In Toronto
- Selling A Home In Toronto
Toronto Condo Values
There were 595 condo sales—the average central Toronto condo sold for $825,502, up 4% from July 2021. The average condo was on the market for a slightly higher 20 days.
Contact us here and read through our blogs if you want to learn more about Toronto real estate.
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