ANDRE  STERNICZUK

ANDRE STERNICZUK

Sales Representative

Royal LePage Realty Centre, Brokerage *

Office:
905-279-8300
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August 2022 Real Estate Market Update

Hello! Here is the August 2022 real estate market update

Mississauga and GTA real estate market in July 2022 slowed down again.

It was much less active though than in July of 2021, mainly due to changing interest rates.

Number of sales in July 2022 was 47.4%!!! lower than in July 2021. 

The average home price was still higher, but only by 1.2% comparing to July 2021.

Sales were lower in all categories in both, 416 and 905 areas.

The biggest dip (-53.3%!!!) in sales was in townhouse category, in 905 area.

 

Please have a look below

Source: Market Watch, TRREB

The number of sales in Mississauga and GTA was quite low for this time of the year.

The average home price increased just by only 1.2% comparing to July of last year, and in terms of dollars it was over $13,000 higher.

The average home price, comparing to the previous month went down by $71,500!!!

Please have a look below.

Source: Market Watch, TRREB

The real estate market continued changing. The average home price is now almost the same as in July time of last year. 

It has dropped a lot again comparing to the previous month. 

The fixed discounted mortgage interst rates kept going up except for the 5 year term, which went down slightly.

The variable rates also went up, although they are still quite low.

 

~                    T h i s   M o n t h                    ~

 

  • Mississauga & GTA Real Estate Market Watch
  • Current Interest Rates

 

GTA Realtors® Release July 2022 Stats

TORONTO, ONTARIO, August 4, 2022 – There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 per cent compared to July 2021. Following the regular seasonal trend, sales were also down compared to June. New listings also declined on a year-over-year basis in July, albeit down by a more moderate four per cent. The expectation is that the trend for new listings will continue to follow the trend for sales, as we move through the second half of 2022 and into 2023.

Market conditions remained much more balanced in July 2022 compared to a year earlier. As buyers continued to benefit from more choice, the annual rate of price growth has moderated. The MLS® Home Price Index (HPI) Composite Benchmark was up by 12.9 per cent year-over-year. The average selling price was up by 1.2 per cent compared to July 2021 to $1,074,754. Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.

“The Greater Toronto Area (GTA) population continues to grow and tight labour market conditions will drive this growth moving forward. Despite more balanced market conditions resulting from rapidly increasing mortgage rates, policymakers must continue to take action to boost housing supply to account for long-term population growth.TRREB has put realistic solutions on the table to address the existing housing affordability challenges. With savings high and the unemployment rate still low, home buyers will eventually account for higher borrowing costs. When they do, we want to have an adequate pipeline of supply in place or market conditions will tighten up again,” said TRREB Chief Market Analyst Jason Mercer.

TRREB is also calling on all levels of government to reassess and clarify policies related to mortgage lending and housing development.

“Many GTA households intend on purchasing a home in the future, but there is currently uncertainty about where themarket is headed. Policymakers could help allay some of this uncertainty. As higher borrowing costs impact housing markets, TRREB maintains that the OSFI mortgage stress test should be reviewed in the current environment,” said TRREB CEO John DiMichele.

“With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals. The federal government has a responsibility to not only maintain confidence in the financial system, but to instill confidence in homeowners that they will be able to stay in their homes despite rising mortgage costs. Longer mortgage amortization periods of up to 40 years on renewals and switches should be explored,” said TRREB President Kevin Crigger.

Source: Market Watch, TRREB

 

Mississauga  & GTA Home Sales

July 2021 - July 2022 Comparison

  

Average home price was up by $13,030, number of sales was down by 4,418 units, time to sell a home was 9 days longer.

Mississauga & GTA Home Sales

 

June 2022 - July 2022 Comparison

 

  

Average home price was lower by $71,500!!!, number of home sales was lower by 1,562 units, time to sell was 5 days longer.

Current Interest Rates

 

Rates quoted by Invis Canada are subject to change upor down↓ without notice.

 

Quote of the Month

When you are finished changing, you are finished. 

                                                                                        ~ Benjamin Franklin ~           

 

Sales and Average Price Up in Calendar Year 2013

January 6, 2014 – Greater Toronto Area REALTORS® reported 4,078 residential

transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent

compared to 3,582 sales reported in December 2012. New listings entered into the

TorontoMLS system were down by almost four per cent over the same period.

Total sales for calendar year 2013, at 87,111, were up by approximately two per cent

compared to 85,496 transactions in calendar year 2012.

“After a slow start to the year, sales growth accelerated to a brisk pace in the second half

of 2013. Despite the inclement weather in December, we finished the year with a

respectable gain in transactions compared to 2012. Looking forward, I believe that home

ownership in the GTA will remain affordable as borrowing costs stay low. The result could

be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne

Usher.

“The average selling price will be up again in 2014 and by more than the rate of inflation.

The seller’s market conditions that drove price growth in the second half of 2013 will

remain in place in many parts of the GTA. Some neighbourhoods, especially those

characterized by low-rise home types like singles, semis and townhomes, will continue to

have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of

Market Analysis.

The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent

compared to the average of $477,756 in December 2012.

The average selling price for 2013 as a whole was $523,036, which represented an increase

of 5.2 per cent compared to the calendar year 2012 average of $497,130.

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