September 2022 Market Update Supply Remains an Issue Despite Impact of Higher Mortgage Rates
Sales for the month reached 5,038, down by 44.1 percent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This is troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.
The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022.
"Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month" said TRREB Chief Market Analyst Jason Mercer.
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