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By The Numbers 

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

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4,544

TREB Sales 

November 2022

8,979

TREB Sales 

November 2021

$1,079,395

TREB Average 

November 2022

$1,162,564

TREB Average Price November 2021

November Numbers 2022

  • Number of Sales 2022
    4,544 | -49.4%
  • Number of Sales 2021
    8,979
  • Number of New Listing 2022
    8,880 | -11.6% 
  • Number of New Listings 2021
    10,044
  • Number of Active Listing 2022
    11,910 | +95.7%
  • Number of Active Listings 2021
    6,086
  • Average Price 2022
    $1,079,395 | -7.2%
  • Average Price 2021
    $1,162,564
  • Average Days on the Market (DOM) 2022
    22 Days | +69.2%
  • Average Days on the Market (DOM) 2021
    13 Days

TREB Market Summary

Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.

Greater Toronto Area (GTA) REALTORS® reported 4,544 sales through TRREB’s MLS® System in November 2022 – down 49 percent compared to November 2021, but remaining at a similar level to October especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis.

“Increased borrowing costs represent a short-term shock to the housing market. Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth,” said TRREB President Kevin Crigger.

“We have seen a lot of progress this year on the housing supply and related governance files such as the More Homes Built Faster Act. This is obviously good news. However, we need these new policies to turn into results over the next year. Otherwise, the current market lull will soon be behind us, population growth will be accelerating, and we will have done nothing to account for our growing housing need. The result would be enhanced unaffordability and reduced economic competitiveness,” said TRREB CEO John DiMichele.

The MLS® Home Price Index Composite Benchmark was down by 5.5 percent year-over-year in November 2022. The average selling price for all home types combined was down by 7.2 percent year-over-year. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.

“Selling prices declined from the early year peak as market conditions became more balanced and homebuyers have sought to mitigate the impact of higher borrowing costs. With that being said, the marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer,” said TRREB Chief Market Analyst Jason Mercer.

Breaking Down The Numbers

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

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Detached

$1,390,162 | -11.3%

2,056 | -46.4%

Townhouse

$900,314 | -6.4%

774 | -46.4%

Semi Det. 

$1,039,200 | -13.9%

386 | -48.7%

Condo Apt.

$708,636 | -0.9%

1,289 | -54.9%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    542 | -40.6%
  • 905 - Detached
    1,514 | -48.2%
  • 416 - Semi Detached
    169 | -40.3%
  • 905 - Semi Detached
    217 | -53.8%
  • 416 - Townhouse
    178 | -53.3%
  • 905 - Townhouse
    596 | -44.0%
  • 416 - Condos
    899 | -54.5%
  • 905 - Condos
    390 | -55.9%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,560,548| -13.8%
  • 905 - Detached
    $1,329,165 | -10.9% 
  • 416 - Semi Detached
    $1,187,016 | -17.1%
  • 905 - Semi Detached
    $924,080 | -13.7%
  • 416 - Townhouse
    $995,074 | +1.4%
  • 905 - Townhouse
    $872,014 | -8.7%
  • 416 - Condo
    $734,797 | -1.5%
  • 905 - Condo
    $648,332 | +0.3%

Economic Indicators

  • Real GDP Growth | Q3 - 2022
    Down | 2.9%
  • Toronto Employment Growth | October 2022
    Up | 0.8%.
  • Inflation Rate (Yr/Yr CPI Growth) | October 2022
    Unchanged | 6.9%
  • Toronto Unemployment Rate | October 2022
    Up | 6.2%
  • Bank of Canada Overnight Rate | November 2022
    Unchanged | 3.8%
  • Prime Rate | November 2022
    Up | 6.0%
  • Mortgage Rates November 2022 (1yr/3Yr|5Yr)
    6.09% | 6.04% | 6.49%
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