Hello! Here is the July 2022 real estate market update
Mississauga and GTA real estate market in June 2022 slowed down again.
It was much less active though than in June of 2021, mainly due to changing interest rates.
Number of sales in June 2022 was 41.4%!!! lower than in June 2021.
The average home price still increased by 5.3%! comparing to June 2021.
Sales were lower in all categories in both, 416 and 905 areas.
The biggest dip (-44.4%!!!) 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 by 5.3%! comparing to June of last year, and in terms of dollars it was over $57,000 higher!!
The average home price, comparing to the previous month went down by almost $67,000!!
Please have a look below.
Source: Market Watch, TRREB
The real estate market continued changing. The average home price is still much higher than the same time of last year, but has dropped again comparing to the previous month.
The Bank of Canada benchmark interest rate went up by 1.0%!!! This was the largest rate increase in more than 20 years.The Bank of Canada also indicated that it may go up a few more times later on this year.
The fixed discounted mortgage interst rates kept going up.
The variable rates also went up, although they are still quite low, very low.
~ 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 June 2022 Stats
TORONTO, ONTARIO, July 6, 2022 - Higher borrowing costs continued to impact home sales in June 2022. Sales totalled 6,474 - down by 41 per cent compared to last year's strong result. The number of transactions was also down compared to May 2022, but this is often the case due to the seasonal nature of the market.
The average selling price, at $1,146,254, remained 5.3 per cent above the June 2021 level, but continued to trend lower on a monthly basis. The MLS® Home Price Index Composite benchmark was up by 17.9 per cent year-over-year, but also experienced a month-over-month dip compared to May. Annual price growth was driven more so by less expensive market segments, including townhouses and condominium apartments.
"Home sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up. Expect current market conditions to remain in place during the slower summer months. Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs" said TRREB President Kevin Crigger.
While the number of transactions was down year-over-year, the number of new listings was little changed over the same period. This has provided for more balance in the market, resulting in a more moderate annual pace of price growth.
"Listings will be an important indicator to watch over the next few months. With the unemployment rate low, the majority of households aren't in a position where they need to sell their home. If would-be sellers decide to take a wait-and-see attitude over the next few months, it's possible that active listings could trend lower as well. This could cause market conditions to tighten somewhat, providing some support for home prices" said TRREB Chief Market Analyst Jason Mercer.
"Our region continues to grow because we attract people and businesses from all around the world. All of these people will require a place to live, whether they choose to buy or rent. Despite the shorter-term impact of higher borrowing costs, housing demand will remain strong over the long-term, as long as we can produce homes within which people can live. Policy makers at all levels need to make this their key goal" said TRREB CEO John DiMichele.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
June 2021 - June 2022 Comparison
Average home price was up by $57,263!!, number of sales was down by 4,579 units, time to sell a home was 7 days longer.
Mississauga & GTA Home Sales
May 2022 - June 2022 Comparison
Average home price was lower by $66,552!!, number of home sales was lower by 809 units, time to sell was 6 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 Change starts when someone sees the next step. ~ William Drayton ~ |
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.