Hello! Here is the May 2022 real estate market update
Mississauga and GTA real estate market in April 2022 slowed down.
It was much less active though than in April of 2021, mainly due to changing interest rates.
Number of sales in April 2022 was 41.2%!!! lower than in April 2021.
The average home price still increased by 15.0%!!! comparing to April 2021.
Sales were lower in all categories in both, 416 and 905 areas.
The biggest dip (-47.2%!!!) in sales was in detached category, in 905 area.
Please have a look below
Source: Market Watch, TRREB
The number of sales in Mississauga and GTA continued to be high comparing to the pre-pandemic times.
The average home price increased by 15.0%!! comparing to April of last year, and in terms of dollars it was over $164,000 higher!!!
The average home price, comparing to the previous month went down by over $45,000!
Please have a look below.
Source: Market Watch, TRREB
It looks like the real estate market has started changing. The average home price is still much higher than last year but has dropped comparing to the previous month.
The Bank of Canada benchmark interest rate went up by 0.5%!! 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 but also went up.
~ 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 April 2022 Stats
TORONTO, ONTARIO, MAY 4, 2022 – The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.
“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase. Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs,” said TRREB President Kevin Crigger.
GTA REALTORS® reported 8,008 homes sold through TRREB’s MLS® System in April 2022 – a 41.2 per cent decrease compared to April 2021 and a 27 per cent decrease compared to March 2022. On a year-over-year basis, the decline in sales was greater in the ‘905’ area code regions surrounding Toronto, particularly for detached houses.
The MLS® Home Price Index Composite Benchmark was up by 30.6 per cent year-over-year in April 2022. The benchmark level in April was down in comparison to the March level. The average selling price, at $1,254,436, was up by 15 per cent compared to April 2021, but down compared to the average selling price of $1,300,082 in March 2022.
“Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year. However, in line with TRREB’s forecast, there is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month. It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months,” said TRREB Chief Market Analyst Jason Mercer.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
April 2021 - April 2022 Comparison
Average home price was up by $164,022!!!, number of sales was down by 5,605 units, time to sell a home was exactly the same.
Mississauga & GTA Home Sales
March 2022 - April 2022 Comparison
Average home price was lower by almost $45,458, number of home sales was higher by 2,947 units, time to sell was 3 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 always comes later than we think it should. ~ Jean-Luc Picard ~ |
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.