Toronto housing sales fall, new listings go down to a record low level
Home sales in the Greater Toronto Area were twice lower in October than a year ago, while the number of new listings fell to a level not seen in more than 10 years, the new report by Toronto Regional Real Estate Board (TRREB) says.
The on-going cooling of the real estate market was reflected in October sales, which went down by 49.1% annually to 4,961 and almost didn’t change compared to September.
According to TRREB, the main driver of this decline was a lack of supply. Brokers believe this factor combined with higher interest rates and inflation is keeping buyers out of the market.
In addition to it, sellers postpone listing their properties as they are afraid they won’t be able to get as much for their home as they could about a year ago.
As a result, we can see new listings going down by 11.6% on a year over year basis to 11,749, marking the lowest level since October 2010.
“With the new listings almost at historic lows, a small increase in demand will lead to a significant tightening in the resale housing market,” – noted TRREB’s president Kevin Crigger.
With the lack of supply and sellers not willing to list their homes right now, the composite benchmark fell by 1.3% annually to $1,098,200.
The average home price was $1,089,428, which is 5.7% lower than a year ago, but 0.2% higher than in September.
The report says average prices showed the largest declines in case of detached houses: they were down by 11% annually to $1,372,438. Semi-detached houses fell by 6.2% to $1,079,393 and townhouses reported a 3.9% drop to $919,903.
At the same time, condos were up by 1.8% from a year ago and reached $716,515.
“Real estate prices in the GTA have found support recently as prices drops in the spring and summer eased the influence of higher borrowing costs on average monthly mortgage payments,” – TRREB’s chief market analyst Jason Mercer added.
Sales and Average Price by Major Home Type for October 2022
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 599 | 1,701 | 2,300 | 1,609,077 | 1,289,107 | 1,372,438 |
| YoY % Change | -43.3% | -46.9% | -46.0% | -9.9% | -11.8% | -11.0% |
| Semi-Detached | 201 | 245 | 446 | 1,219,812 | 964,193 | 1,079,393 |
| YoY % Change | -44.8% | -51.9% | -48.9% | -7.6% | -6.3% | -6.2% |
| Townhouses | 185 | 637 | 822 | 1,003,359 | 895,665 | 919,903 |
| YoY % Change | -56.7% | -46.6% | -49.3% | -2.2% | -4.0% | -3.9% |
| Condo Apt | 888 | 450 | 1,338 | 740,374 | 669,434 | 716,515 |
| YoY % Change | -53.5% | -54.2% | -53.7% | 0.0% | 5.7% | 1.8% |