Toronto housing sales fall by almost 11% in September
Last month, the Greater Toronto Area (GTA) saw lower home sales amid growing interest rates.
The recent report by the Toronto Regional Real Estate Board (TRREB) says there were 5,038 homes sold across the GTA in September, which is 10.5% less than in August. The annual comparison shows a 44.1% drop.
According to TRREB, the number of new listings went up to 11,237 properties from 10,537 new listings seen in August.
Nevertheless, the new listings for September were still at the lowest level for that month since 2002.
The real estate market activity has been slowing down since the central bank began its rate-hiking campaign in March trying to restrain inflation. The Bank of Canada raised its key lending rate to 3.25% last month, marking the fifth increase in a row this year.
The average home price in the GTA reached $1,086,762, outpacing August’s average of $1,079,500 by 0.67%.
Meanwhile, on a seasonally adjusted basis, September home prices were down by 2.7% from August.
“Almost reaching $1.1 million, the average housing price may have found certain support during the last months of summer,” – noted Jason Mercer, chief market analyst for TRREB.
“As a rule, October shows the peak numbers of the fall market, so it will be extremely important to see the price trends this month.”
TRREB MLS System Sales and Average Price by Home Type September 1-30, 2022
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 497 | 1,837 | 2,334 | 1,585,589 | 1,310,639 | 1,369,186 |
| YoY% Change | -44.3% | -38.7% | -40.0% | -11.0% | -9.5% | -10.2% |
| Semi-Detached | 180 | 321 | 501 | 1,210,715 | 949,142 | 1,043,120 |
| YoY% Change | -44.4% | -35.4% | -39.0% | -7.3% | -4.2% | -6.5% |
| Townhouses | 171 | 659 | 830 | 943,922 | 890,608 | 901,592 |
| YoY% Change | -53.0% | -44.5% | -46.5% | -1.3% | -1.4% | -0.9% |
| Condo | 875 | 442 | 1,317 | 769,058 | 655,117 | 730,818 |
| YoY% Change | -51.0% | -49.2% | -50.4% | 3.4% | 3.3% | 3.2% |