Hello! Here is the September 2022 real estate market update
Mississauga and GTA real estate market in August 2022 was stable.
It was less active than in August of 2021.
Number of sales in August 2022 was 34.2%!!! lower than in August 2021.
The average home price was still higher, but only by 0.9% comparing to August 2021.
Sales were lower in all categories in both, 416 and 905 areas.
The biggest dip (-44.0%!!!) 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 just by only 0.9% comparing to August of last year, and in terms of dollars it was just $9,299 higher.
The average home price, comparing to the previous month went up by $4,746!
It was the first month-to-month increase in average price after 5 months of declines.
Please have a look below.
Source: Market Watch, TRREB
It looks like the real estate market stabilized in August.
The average home price is almost the same as in August of last year.
The fixed discounted mortgage interst rates went down a bit comparing to the previous month.
The variable rates remained the same.
~ 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 August 2022 Stats
TORONTO, ONTARIO, September 2, 2022 - There were 5,627 home sales reported through the Toronto Regional Real Estate Board's (TRREB) MLS® System in August 2022, representing a year-over-year dip of 34.2 per cent - a lesser annual rate of decline compared to the previous four months. The August sales result also represented a month-over-month increase compared to July.
Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead. On a year-over-year basis, the MLS® Home Price Index (HPI) was up by 8.9 per cent and the average selling price for all home types combined was up by 0.9 per cent to $1,079,500. The average selling price was also up slightly month-over-month, while the HPI Composite was lower compared to July. Monthly growth in the average price versus a dip in the HPI Composite suggests a greater share of more expensive home types sold in August.
"While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the federal government to provide for greater housing affordability for existing homeowners by removing the stress test when existing mortgages are switched to a new lender, allowing for greater competition in the mortgage market. Further, allowing for longer amortization periods on mortgage renewals would assist current homeowners in an inflationary environment where everyday costs have risen dramatically", said TRREB President Kevin Crigger.
"The Office of the Superintendent of Financial Institutions (OSFI) should weigh in on whether the current stress test remains applicable. Is it reasonable to test home buyers at two percentage points above the current elevated rates, or should a more flexible test be applied that follows the interest rate cycle? In addition, OSFI should consider removing the stress test for existing mortgage holders who want to shop for the best possible rate at renewal rather than forcing them to stay with their existing lender to avoid the stress test. This is especially the case when no additional funds are being requested", said TRREB CEO John DiMichele.
"There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe. The ability to bring on more supply is the longer term challenge. However, we are moving in the right direction on this front. The strong mayor proposal from the province coupled with the recent commitment from Toronto Mayor John Tory to expand ownership and rental housing options are examples of this. TRREB looks forward to hearing additional initiatives from candidates vying for office in the upcoming municipal elections", said TRREB Chief Market Analyst Jason Mercer.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
August 2021 - August 2022 Comparison
Average home price was up by $9,299, number of sales was down by 2,922 units, time to sell a home was 13 days longer.
Mississauga & GTA Home Sales
July 2022 - August 2022 Comparison
Average home price was higher by $4,746, number of home sales was higher by 715 units, time to sell was 5 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 Sometimes the answer to prayer is not that it changes life, but that it changes you. ~ James Dillet Freeman ~ |
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.