September 12, 2022 | Toronto Real Estate Market Report
Back to school marks the beginning of Toronto’s second most robust market, the Fall. Some people may chuckle that the “fall” could be “punny.” Perhaps it’s being a new father; the dad jokes are finally acceptable. Right!? If you missed that, the Fall is an excellent season for real estate. It just so happens that Toronto’s real estate seems to be in a state of fall(ing) in recent months. A great opportunity for many Toronto buyers. We will dive into that in a moment.
We constantly endeavour to offer the truth as accurately as possible for numeric and anecdotal evidence from the neighbourhoods. There is no doubt that we have seen a substantial decline in sales. There is also no doubt that it’s more challenging to sell a house today (condos seem to be fairing better.) Any seller expecting Winter’s prices will not succeed in this market. The buyers know the facts, and we believe they may be wishing a little too hard for prices to drop substantially more. We don’t think this reset will be as dire as some people commenting on real estate blog posts.
We have been sensing (here is the anecdotal part) that the market is picking up steam. Buyers are active; the difference is that they are active with a new price point in mind and their new mortgage affordability calculated. This is keeping the market moving along.
We can expect Toronto’s real estate market to pick up in the coming weeks as the kids get settled back into school.
Don’t get us wrong; there is likely a continued dip in values ahead (after all, it’s “Fall.”) We disagree with the bearish doomsday commenters online. Toronto always seems to have resiliency.
Note: With the prices coming down, we see more homes and condos priced under $1 million. This will lead to a
great opportunity for first-time buyer families. The reason is that a buyer who purchases a property for $1 million or more
must put down 20% to get a mortgage; this hinders many young families’ opportunities. On the other hand, if a buyer purchases a property under $1 million, they can put down as little as 5%. Do you see the opportunity for first-time buyers and young families in Toronto? We certainly do.
Toronto Real Estate Market Report – September 2022
August 2022 was another month of fewer sales in Toronto’s central areas. There were a total of 879 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.
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Detached Home Values
There were 140 sales in central Toronto in August 2022 (9 fewer sales than last month.) The average home sold for $2,423,502, up 3% (up substantially from the previous month) since August 2021. The average home was on the market for 22 days.
Semi-Detached & Townhouse Values
There were 108 sales in central Toronto in August 2022. The average home sold for $1,300,269, down 9% since August 2021. The average home was on the market for half of the Toronto market average, a meagre 13 days.
➤ Check out our top reads for anyone thinking about living in Toronto:
Toronto Condo Values
There were 631 condo sales—the average central Toronto condo sold for $800,731, down 1% from August 2021. The average condo was on the market for a slightly higher 22 days.
Contact us here and read through our blogs if you want to learn more about Toronto real estate.
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