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By The Numbers 

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

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5,038

TREB Sales 

September 2022

9,010

TREB Sales 

September 2021

$1,086,762

TREB Average 

September 2022

$1,135,027

TREB Average Price September 2021

September Numbers 2022

  • Number of Sales 2022
    5,038 | -44.1%
  • Number of Sales 2021
    9,010
  • Number of New Listing 2022
    11,237 | -16.7% 
  • Number of New Listings 2021
    13,494
  • Number of Active Listing 2022
    13,534 | +47.3%
  • Number of Active Listings 2021
    9,187
  • Average Price 2022
    $1,086,762 | -4.3%
  • Average Price 2021
    $1,135,027
  • Average Days on the Market (DOM) 2022
    23 Days | +64.3%
  • Average Days on the Market (DOM) 2021
    14 Days

TREB Market Summary

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 percent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 percent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,= said TRREB President Kevin Crigger.

Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,= said TRREB CEO John DiMichele. The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 percent. Over the same period of time, the average price dipped by 4.3 percent to $1,086,762. The average price was up compared to August 2022.

Hovering just below $1.1 million, the average selling price may have found some support during the last couple of months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,= 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

$1,369,186 | -10.2%

2,334 | -40.0%

Townhouse

$901,592 | -0.9%

830 | -46.5%

Semi Det. 

$1,043,120 | -6.5%

501 | -39.0%

Condo Apt.

$730,818 | +3.2%

1,317 | -50.4%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    497 | -44.3%
  • 905 - Detached
    1,837 | -38.7%
  • 416 - Semi Detached
    180 | -44.4%
  • 905 - Semi Detached
    321 | -35.4%
  • 416 - Townhouse
    171 | -53.0%
  • 905 - Townhouse
    659 | -44.5%
  • 416 - Condos
    875 | -51.0%
  • 905 - Condos
    442 | -49.2%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,585,589 | -11.0%
  • 905 - Detached
    $1,310,639 | -9.5% 
  • 416 - Semi Detached
    $1,210,715 | -7.3%
  • 905 - Semi Detached
    $949,142 | -4.2%
  • 416 - Townhouse
    $913,410 | +1.3%,
  • 905 - Townhouse
    $890,608 | -1.4%
  • 416 - Condo
    $769,058 | +3.4%
  • 905 - Condo
    $655,117 | +3.3%.

Economic Indicators

  • Real GDP Growth | Q2 - 2022
    Up | 3.3%
  • Toronto Employment Growth | August 2022
    Up | 4.7%.
  • Inflation Rate (Yr/Yr CPI Growth) | August 2022
    Down | 7.0%
  • Toronto Unemployment Rate | August 2022
    Unchanged | 5.9%
  • Bank of Canada Overnight Rate | August 2022
    Unchanged | 2.5%
  • Prime Rate | September 2022
    Up | 5.5%
  • Mortgage Rates September 2022 (1yr/3Yr|5Yr)
    5.69% | 5.74% | 6.14%
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