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By The Numbers 

The Toronto Real Estate Boards statistics year over year for the month of July. 

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4,912

TREB Sales 

July 2022

9,339

TREB Sales 

July 2021

$1,074,754

TREB Average 

July 2022

$1,061,724

TREB Average Price July 2021

July Numbers 2022

  • Number of Sales 2022
    4,912| -47.4%
  • Number of Sales 2021
    9,339
  • Number of New Listing 2022
    12,046| -4.1%
  • Number of New Listings 2021
    12,562
  • Number of Active Listing 2022
    15,334 | +57.6%
  • Number of Active Listings 2021
    9,731
  • Average Price 2022
    $1,074,754| +1.2%
  • Average Price 2021
    $1,061,724
  • Average Days on the Market (DOM) 2022
    19 Days | +35.7%
  • Average Days on the Market (DOM) 2021
    14 Days

TREB Market Summary

There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System in July 2022 – down by 47 percent 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 percent. 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.

Market conditions remained much more balanced in July 2022 compared to a year earlier. As buyers continued to benefit from more choices, the annual rate of price growth has moderated. The MLS® Home Price Index (HPI) Composite Benchmark was up by 12.9 percent year-over-year. The average selling price was up by 1.2 percent compared to July 2021 to $1,074,754. Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.

"The Greater Toronto Area (GTA) population continues to grow and tight labour market conditions will drive this growth moving forward. Despite more balanced market conditions resulting from rapidly increasing mortgage rates, policymakers must continue to take action to boost the housing supply to account for long-term population growth. TRREB has put realistic solutions on the table to address the existing housing affordability challenges. With savings high and the unemployment rate still low, home buyers will eventually account for higher borrowing costs. When they do, we want to have an adequate pipeline of supply in place or market conditions will tighten up again," said TRREB Chief Market Analyst Jason Mercer.

TRREB is also calling on all levels of government to reassess and clarify policies related to mortgage lending and housing development.

"Many GTA households intend on purchasing a home in the future, but there is currently uncertainty about where the market is headed. Policymakers could help allay some of this uncertainty. As higher borrowing costs impact housing markets, TRREB maintains that the OSFI mortgage stress test should be reviewed in the current environment," said TRREB CEO John DiMichele.

"With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals. The federal government has a responsibility to not only maintain confidence in the financial system but to instill confidence in homeowners that they will be able to stay in their homes despite rising mortgage costs. Longer mortgage amortization periods of up to 40 years on renewals and switches should be explored," said TRREB President Kevin Crigger.

Breaking Down The Numbers

Sales Numbers, average price  percentage changes over the same time last year.

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Detached

$1,362,598 | -3.1%

2,203 | -46.2%

Townhouse

$903,899 | +6.3%

816 | -51.6%

Semi Det. 

$1,077,750 | +4.9%

474 | -45.3%

Condo Apt.

$719,273 | +6.9%

1,365 | -47.5%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    477 | -43.6%
  • 905 - Detached
    1,726 | -46.9%
  • 416 - Semi Detached
    177 | -36.1%
  • 905 - Semi Detached
    297 | -49.6%
  • 416 - Townhouse
    200 | -45.2%
  • 905 - Townhouse
    616 | -53.3%.
  • 416 - Condos
    963 | -44.9%
  • 905 - Condos
    402 | -52.9%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,515,763 | -7.3%
  • 905 - Detached
    $1,320,269 | -1.9%
  • 416 - Semi Detached
    $1,268,630 | +5.1%
  • 905 - Semi Detached
    $963,994 | +2.2%
  • 416 - Townhouse
    $963,545 | +7.6%,
  • 905 - Townhouse
    $884,533 | +5.5%
  • 416 - Condo
    $744,092 | +4.3%
  • 905 - Condo
    $659,820 | +11.9%.

Economic Indicators

  • Real GDP Growth | Q1 - 2022
    Down | 3.1%
  • Toronto Employment Growth | June 2022
    Up| 8.3%.
  • Inflation Rate (Yr/Yr CPI Growth) | June 2022
    Up | 8.1%
  • Toronto Unemployment Rate | June 2022
    Down | 6.1%
  • Bank of Canada Overnight Rate | June 2022
    Up | 1.50%
  • Prime Rate | July 2022
    Up | 4.7%
  • Mortgage Rates June 2022 (1yr/3Yr|5Yr)
    5.19% | 5.64% | 6.14%
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