Hello! Here is the January 2023 real estate market update
Mississauga and GTA real estate market in December 2022 was very slow.
It was much less active than in December of 2021.
Number of sales in December 2022 was 48.2%!!! lower than in December 2021.
The average home price was lower by 9.2% comparing to December 2021.
Sales were much lower in all categories in both, 416 and 905 areas.
The biggest dip (-55.3%!!!) in sales was in condo apartment category, in 416 area and semi-detached 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.
Historically December is the slowest month of the year due to Christmas and other holidays.
The average home price decreased by 9.2% comparing to December of last year, and in terms of dollars it was $106,621 lower.
The average home price, comparing to the previous month went down by $28,179
Please have a look below.
Source: Market Watch, TRREB
The real estate market was slow in December, which is quite normal for this time of year.
The average home price was lower than in December of last year.
~ T h i s M o n t h ~
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Mississauga & GTA Real Estate Market Watch
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Current Interest Rates
GTA Realtors® Release December 2022 Stats
TORONTO, ONTARIO, January 5, 2023 - The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada.
"Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end," said new Toronto Regional Real Estate Board (TRREB) President Paul Baron.
There were 75,140 sales reported through TRREB's MLS® System in 2022 - down 38.2 per cent compared to the 2021 record of 121,639. The number of new listings amounted to 152,873 - down 8.2 per cent compared to 166,600 new listings in 2021. Seasonally adjusted monthly data for sales and price data show a marked flattening of the sales and price trends since the late summer.
"While home sales and prices dominated the headlines in 2022, the supply of new listings continued to be an issue as well. The number of homes listed for sale in 2022 was down in comparison to 2021. This helps explain why selling prices have found some support in recent months. Lack of supply has also impacted the rental market. As renting has become more popular in this higher interest rate environment, tighter rental market conditions have translated into double-digit average rent increases," said TRREB Chief Market Analyst Jason Mercer.
The average selling price for 2022 was $1,189,850 - up 8.6 per cent compared to $1,095,333 in 2021. This growth was based on a strong start to the year, in terms of year-over-year price growth. The pace of growth moderated from the spring of 2022 onwards.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
December 2021 - December 2022 Comparison
Average home price was down by $106,621, number of sales was down by 2,896 units, time to sell a home was 21 days longer.
Mississauga & GTA Home Sales
November 2022 - December 2022 Comparison
Average home price was lower by $28,179, number of home sales was lower by 1,427 units, time to sell was 7 days longer.
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 Human beings, by change, renew, rejuvenate ourselves; otherwise we harden. ~ Johan Wolfgang von Goethe ~ |
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.