Hello! Here is the August 2023 real estate market update
Mississauga and GTA real estate market in July 2023 slowed down for the summer.
It was still more active than July of 2022.
Number of sales in July 2023 was 7.8% higher than in July 2022.
The average home price was higher by 4.2%! comparing to July 2022.
Sales were higher in almost all categories.
The biggest drop (-12.0%) in sales was in townhouse category, in 416 area.
Please have a look below
Source: Market Watch, TRREB
The number of sales in Mississauga and GTA was higher than in July of last year.
The average home price was higher by 4.2% comparing to July of last year, and in terms of dollars it was $45,161 higher.
The average home price, comparing to the previous month went down by $63,746!!!
Please have a look below.
Source: Market Watch, TRREB
The real estate market was slower in July 2023.
The average home price was a bit higher than as in July of last year, but much lower than in June of 2023.
Fixed mortgage interest rates were stable but variable and prime rate went up. The prime rate is 7.2% now.
~ T h i s M o n t h ~
,
-
Mississauga & GTA Real Estate Market Watch
-
Current Interest Rates
GTA Realtors® Release July 2023 Stats
TORONTO, ONTARIO, August 3, 2023 – Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up.
“Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. With that being said, it does appear that the sales momentum that we experienced earlier in the spring has stalled somewhat since the Bank of Canada restarted its rate tightening cycle in June. Compounding the impact of higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, representing a 7.8 per cent increase compared to July 2022. Over the same period, new listings were also up, but by a greater annual rate of 11.5 per cent. The MLS® Home Price Index Composite benchmark was up by 1.3 per cent yearover-year. The average selling price was also up by 4.2 per cent to $1,118,374 over the same timeframe.
On a seasonally adjusted monthly basis, the number of sales trended lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower while the MLS® HPI Composite benchmark edged higher.
“Uncertainty surrounding the direction of borrowing costs, jobs and the overall economy has impacted home sales over the last two months. Over the long term, the demand for ownership housing will remain strong on the back of record population growth. However, many homebuyers will continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer,” said TRREB Chief Market Analyst Jason Mercer.
“We continue to suffer from a misalignment in public policy as it relates to housing. The federal government is targeting record levels of immigration for the foreseeable future, but we have seen very little tangible progress in creating more ownership and rental housing to accommodate this growth. Population growth is imperative for economic development; however, this growth will be unsustainable if people can’t find an affordable place to live. All three levels of government need to be on the same page to fix this problem,” said TRREB CEO John DiMichele.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
July 2022 - July 2023 Comparison
Average home price was up by $45,161, number of sales was up by 380 units, time to sell a home was 5 days shorter.
Mississauga & GTA Home Sales
June 2023 - July 2023 Comparison
Average home price was lower by $63,746, number of home sales was lower by 2,231 units, time to sell was 5 days longer.
Current Interest Rates
Rates quoted by Invis Canada are subject to change up↑ or down↓ without notice.
|
Quote of the Month When things come to the worse, they generally mend. ~ Susanna Moodie ~ |
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.