Housing sales in Toronto keep going down

A recent report by the Toronto Regional Real Estate Board (TRREB) shows that home sales fell by almost 50% last month from a year earlier, as interest rate increases kept affecting the once-hot real estate market.

There were 3,117 sales reported in December in Canada’s most populous city. It’s 48.2% less than in December 2021.

Homebuying activity in Toronto sky-rocketed at the beginning of the COVID-19 pandemic, with home price growth showing an insane pace. However, a sharp cooldown in Toronto’s real estate market has taken place amid a number of rate hikes by the Bank of Canada since March 2022. In December, we saw sales going down by 31% from November.

In 2022, the Toronto market saw 75,140 home sales, which is 38.2% lower than in 2021 with its 121,639 sales.

However, TRREB president Paul Baron says the prices levelling at the end of summer following large drops means the “aggressive early market adjustment” may be coming to its end.

There were 4,074 new listings reported in December – it’s 21.3% less than a year earlier. Meanwhile, the December average selling price was just slightly higher than $1.05 million, marking an annual decline of 9.2%.

	Sales			Average Price
	416	905	Total	416	905	Total
Detached	310	1,042	1,352	1,627,635	1,312,278	1,384,586
YoY % change	-44.9%	-44.2%	-44.3%	-4.1%	-16.4%	-13.4%
Semi-Detached	83	155	238	1,152,073	933,122	1,003,479
YoY % change	-45.8%	-55.3%	-52.4%	-13.8%	-15.9%	-14.4%
Townhouses	110	414	524	878,984	860,736	864,567
YoY % change	-47.4%	-46.3%	-46.5%	-11.9%	-13.4%	-13.1%
Condo Apt	646	320	966	741,584	633,135	705,659
YoY % change	-55.3%	-47.4%	-52.9%	1.4%	-5.2%	-0.9%

 

Year-Over-Year Summary

	2022	2021	% Change
Sales	3,117	6,013	-48.2%
New Listings	4,074	5,177	-21.3%
Active Listings	8,692	3,231	169.0%
Average Price	$1,051,216	$1,157,837	-9.2%