Hello! Here is the December 2022 real estate market update
Mississauga and GTA real estate market in November 2022 slowed down a bit more.
It was much less active than in November of 2021.
Number of sales in November 2022 was 49.4%!!! lower than in November 2021.
The average home price was lower by 7.2% comparing to November 2021.
Sales were much lower in all categories in both, 416 and 905 areas.
The biggest dip (-55.9%!!!) in sales was in condo apartment category, in 905 area.
Please have a look below
Source: Market Watch, TRREB
The number of sales in Mississauga and GTA was very low for this time of the year.
The average home price decreased by 7.2% comparing to November of last year, and in terms of dollars it was $83,169 lower.
The average home price, comparing to the previous month went down by $10,033
Please have a look below.
Source: Market Watch, TRREB
The real estate market slowed down a bit in November, which is quite normal for this time of year.
The average home price is lower than in November of last year.
Bank of Canada raised the interest rates again on November 7,2022. The raise was 0.50%. The fixed and variable, posted and discounted, mortgage interst rates are expected to go up after that.
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Mississauga & GTA Real Estate Market Watch
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Current Interest Rates
GTA Realtors® Release November 2022 Stats
TORONTO, ONTARIO, December 6, 2022 – Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.
Greater Toronto Area (GTA) REALTORS® reported 4,544 sales through TRREB’s MLS® System in November 2022 – down 49 per cent compared to November 2021, but remaining at a similar level to October especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis.
“Increased borrowing costs represent a short-term shock to the housing market. Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth,” said TRREB President Kevin Crigger.
“We have seen a lot of progress this year on the housing supply and related governance files such as the More Homes Built Faster Act. This is obviously good news. However, we need these new policies to turn into results over the next year. Otherwise, the current market lull will soon be behind us, population growth will be accelerating, and we will have done nothing to account for our growing housing need. The result would be enhanced unaffordability and reduced economic competitiveness,” said TRREB CEO John DiMichele.
The MLS® Home Price Index Composite Benchmark was down by 5.5 per cent year-over-year in November 2022. The average selling price for all home types combined was down by 7.2 per cent year-over-year. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.
“Selling prices declined from the early year peak as market conditions became more balanced and homebuyers have sought to mitigate the impact of higher borrowing costs. With that being said, the marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer,” said TRREB Chief Market Analyst Jason Mercer.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
November 2021 - November 2022 Comparison
Average home price was down by $83,169, number of sales was down by 4,435 units, time to sell a home was 15 days longer.
Mississauga & GTA Home Sales
October 2022 - November 2022 Comparison
Average home price was lower by $10,033, number of home sales was lower by 417 units, time to sell was the same.
Current Interest Rates
Rates quoted by Invis Canada are subject to change up↑ or down↓ without notice.
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Quote of the Month True terror is to wake up one morning and discover that your high school class is running the country . ~ Kurt Vonnegut ~ |
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.