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By The Numbers 

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

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4,961

TREB Sales 

October 2022

9,743

TREB Sales 

October 2021

$1,089,428

TREB Average 

October 2022

$1,155,624

TREB Average Price October 2021

October Numbers 2022

  • Number of Sales 2022
    4,961 | -49.1%
  • Number of Sales 2021
    9,743
  • Number of New Listing 2022
    10,390 | -11.6% 
  • Number of New Listings 2021
    11,749
  • Number of Active Listing 2022
    13,023 | +68.1%
  • Number of Active Listings 2021
    7,748
  • Average Price 2022
    $1,089,428 | -5.7%
  • Average Price 2021
    $1,155,624
  • Average Days on the Market (DOM) 2022
    21 Days | +61.5%
  • Average Days on the Market (DOM) 2021
    13 Days

TREB Market Summary

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.

GTA REALTORS® reported 4,961 sales through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in October 2022 – a similar number to September 2022 but down by 49.1 per cent compared to October 2021. Yearover-year sales declines were similar across major market segments.

New listings were down by 11.6 per cent year-over-year and reached an October level not seen since 2010. New listings were down on an annual basis more so for mid-density and high-density home types, which helps to explain why prices have held up better in these categories compared to detached houses.

“With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound. Public policy initiatives like the recently introduced provincial More Homes Built Faster Act and strong mayor provisions will help ensure we see more homes being built to affordably meet the needs of new households,” said TRREB President Kevin Crigger.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 1.3 per cent year-over-year in October 2022. The average selling price for all home types combined, at $1,089,428, was down by 5.7 per cent compared to October 2021. The monthly trends for both the MLS® HPI Composite and the average selling price have flattened in recent months following steeper declines in the spring and early summer.

“Home prices in the GTA have found support in recent months because price declines in the spring and summer mitigated the impact of higher borrowing costs on average monthly mortgage payments. The Bank of Canada’s most recent messaging suggests that they are reaching the end of their tightening cycle. Bond yields dipped as a result, suggesting that fixed mortgage rates may trend lower moving forward, which would help affordability,” 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

$1,372,438 | -11.0%

2,300 | -46.0%

Townhouse

$919,903 | -3.9%

822 | -49.3%

Semi Det. 

$1,079,393 | -6.2%

446 | -48.9%

Condo Apt.

$716,515 | +1.8%

1,338 | -53.7%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    599 | -43.3%
  • 905 - Detached
    1,701 | -46.9%
  • 416 - Semi Detached
    201 | -44.8%
  • 905 - Semi Detached
    245 | -51.9%
  • 416 - Townhouse
    185 | -56.7%
  • 905 - Townhouse
    637 | -46.6%
  • 416 - Condos
    888 | -53.5%
  • 905 - Condos
    450 | -54.2%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,609,077| -9.9%
  • 905 - Detached
    $1,289,107 | -11.8% 
  • 416 - Semi Detached
    $1,219,812 | -7.6%
  • 905 - Semi Detached
    $964,193 | -6.3%
  • 416 - Townhouse
    $1,003,359 | -2.2%
  • 905 - Townhouse
    $895,665 | -4.0%
  • 416 - Condo
    $740,374 | 0.0%
  • 905 - Condo
    $669,434 | +5.7%

Economic Indicators

  • Real GDP Growth | Q2 - 2022
    Up | 3.3%
  • Toronto Employment Growth | September 2022
    Up | 2.4%.
  • Inflation Rate (Yr/Yr CPI Growth) | September 2022
    Down | 6.9%
  • Toronto Unemployment Rate | September 2022
    Up | 6.0%
  • Bank of Canada Overnight Rate | October 2022
    Up | 3.8%
  • Prime Rate | October 2022
    Unchanged | 5.5%
  • Mortgage Rates October 2022 (1yr/3Yr|5Yr)
    6.09% | 6.04% | 6.49%
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