Alex  Lui

Alex Lui

Sales Representative

Right at Home Realty, Brokerage*

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Alex Lui's blog

October 2022 Sales Activity - Is Market Stabilizing?

Despite the continued housing market transition to a higher borrowing cost environment, the average selling price in the Greater Toronto Area (GTA) found some support near $1.1 million since the late summer. GTA home sales continued to adjust to substantially higher interest rates in October 2022, both on an annual and monthly basis. However, new listings are also down year-over-year and month-over-month. The persistent lack of inventory helps explain why the downward trend in home prices experienced in the spring has flattened over the past three months.

2022 September Sales Volume Was Low and New Listings Was Lowest in the Last 20 Years of September

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038 but were down by 44.1 per cent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237.

August 2022 Sales Activities - Is it reaching a plateau and starting to swing back to more active market?

There were 5,627 home sales reported through the Toronto Regional Real Estate Board9s (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.

July 2022 Sales Activity Shifting to Balance - Great Buying Opportunity

There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 per cent compared to July 2021. Following the regular seasonal trend, sales were also down compared to June. New listings also declined on a year-over-year basis in July, albeit down by a more moderate four per cent. The expectation is that the trend for new listings will continue to follow the trend for sales, as we move through the second half of 2022 and into 2023.

June 2022 Sales Report - While Others Are On the Fence - Buying Opportunity

Higher borrowing costs continued to impact home sales in June 2022. Sales totalled 6,474 – down by 41 per cent compared to last year’s strong result. The number of transactions was also down compared to May 2022, but this is often the case due to the seasonal nature of the market.

May 2022 GTA Sales Slower But Not Lower In Average Price Comparing Year-to-year - More Balance Market

Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.

Buying Opportunity as Resale Market Shifted - April 2022 Sales Slower But Not Weaker

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.

Rental Market Tightens and Rent Continues to Climb Even More

Tight rental market conditions continued in the first quarter of 2022, pushing average rents closer to the pre-pandemic peak. Rental transactions were down year-over-year in the first quarter, largely due to the fact that rental listings dropped by an even greater annual rate. The result was increased competition between renters and double-digit rent increases.

2022 March GTA Sales Stats - Could This Be The Beginning Of A Very Soft Landing?

On April 5, 2022, TRREB reported that there were almost 11,000 Greater Toronto Area (GTA) home sales reported in March 2022, capping off the third-best March and second-best first quarter on record. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million. The average selling price dipped slightly month-over-month, bucking the regular seasonal trend.

February 2022 Market Stats Released With Predictable Increase In Prices And Low Inventory

February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support double-digit price growth year-over-year.

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