Market Updates

The August monthly stats are in! Pictured here are average sales price per housing type, the number of transactions in each of those housing types for August 2022, and the percentage DROP in transaction quantities from August 2021 (these transaction counts are still quite dramatically down!)

Here's how things are going month by month from July 2022:
Detached: July: $1,515,763. (Aug: moving upward again by $133k)
Town: July: $963,545 (Aug: down $50k)
Condo: July $744,092 (Aug: down only $8k)

Prices are more or less steady (see 416/905 combined averages below), it's tough to call anything a real trend until we see how September fares.

Many buyers are still playing the waiting/timing game - while others see this as an opportunity to get out there and start some aggressive low-ball negotiating! (and why not?)
Listings in many areas are sitting on the market. Some sellers are going through A LOT to sell, including multiple strategy and price changes. The low prices result in low comparables and a downward trend.

We expect more listings AND buyers (who simply NEED to get out there) in September!

Not in the graphic but just as important:
Semi detached homes Average price: $1,127,429 this continues to trend downward as well (almost $140k lower than July!)

The overall GTA (416/905) combined average for detached homes is $1,379,700 and $711,321 for condos. These numbers have not shifted too much from July.

There are still a few categories (homes/towns/condos) in the northern suburbs (York Region specifically) which are attempting offers withholding/offer nights. Some are successful, and others are not.

There is SO much more to say about this - DM or email me anytime for a deeper dive into market stats! I love chatting about the REAL DATA and what this could mean for YOU!