Hello! Here is the June 2022 real estate market update
Mississauga and GTA real estate market in May 2022 slowed down again.
It was much less active though than in May of 2021, mainly due to changing interest rates.
Number of sales in May 2022 was 38.8%!!! lower than in May 2021.
The average home price still increased by 9.4%!!! comparing to May 2021.
Sales were lower in all categories in both, 416 and 905 areas.
The biggest dip (-47.9%!!!) 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 quite low for this time of the year.
The average home price increased by 9.4%!! comparing to May of last year, and in terms of dollars it was almost $105,000 higher!!!
The average home price, comparing to the previous month went down by almost $42,000!
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 0.5%!! again. 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 remained 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 May 2022 Stats
TORONTO, ONTARIO, June 3, 2022 – Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.
“Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,” said TRREB President Kevin Crigger.
GTA REALTORS® reported 7,283 sales through TRREB’s MLS® System in May 2022 – down 38.8 per cent compared to May 2021 and down nine per cent compared to April 2022. The number of new May listings was similar to last year’s level and edged up on a month-over-month basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on year-overyear basis by 26 per cent.
Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4 per cent. The MLS® Home Price Index Composite Benchmark was also up on a year-over-year basis by 23.9 per cent. On a month-overmonth basis, both price metrics were lower, reflecting more balanced market conditions.
“Price trends observed over the past three months – both in terms of moderating annual growth rates and the recent month-over-month dips – are in line with TRREB’s forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power,” said TRREB Chief Market Analyst Jason Mercer.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
May 2021 - May 2022 Comparison
Average home price was up by $104,682!!!, number of sales was down by 4,620 units, time to sell a home was 3 days longer.
Mississauga & GTA Home Sales
April 2022 - May 2022 Comparison
Average home price was lower by almost $41,630, number of home sales was lower by 725 units, time to sell was 4 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 Nothing is impossible, the word itself says ' I'm possible ' ~ Audrey Hepburn ~ |
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.