April 2022 Market Stats

Dated: May 17 2022

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Important numbers for Midtown Residents

Summary of Existing Detached Home Transactions in Midtown

The market these days may be confusing and concerning, but it can also offer you a return on your investment that wasn’t possible just two years ago. If you’re interested in chatting with someone who knows the neighbourhood as well as you do, call a neighbour, call me!

April Market Stats for TRREB!

While the chart may look like a gobbledy-gook of numbers to you, just take a quick gander at the section titled YEAR-OVER-YEAR Per Cent Change… In the three sales columns you can see significant negative numbers. This means that the number of sales is way down compared to 2021 = lack of homes for sale/ NO inventory/NO Supply. Now adjust your eyes to the right 3 columns of Average price and see that those 3 numbers are well into the positive. This means average prices are well up over last year = upward pressure on prices/continued Sellers’ market. No break in sight for buyers new to the real estate market.  No wonder housing affordability is a front and centre issue for the upcoming Provincial election on June 2nd.

My colleague David Fleming of the Toronto Realty Blog gives a really great monthly rundown of market stats which you can read here if you are interested.

 

Below is a preview...

GTA REALTORS® RELEASE APRIL STATS TORONTO, ONTARIO, MAY 4, 2022 – The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability. “Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase.

Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combating inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs,” said TRREB President Kevin Crigger.


GTA REALTORS® reported 8,008 homes sold through TRREB’s MLS® System in April 2022 – a 41.2 percent decrease compared to April 2021 and a 27 per cent decrease compared to March 2022. On a year-over-year basis, the decline in sales was greater in the ‘905’ area code regions surrounding Toronto, particularly for detached houses. The MLS® Home Price Index Composite Benchmark was up by 30.6 per cent year-over-year in April 2022. The benchmark level in April was down in comparison to the March level. The average selling price, at $1,254,436, was up by 15 per cent compared to April 2021, but down compared to the average selling price of $1,300,082 in March 2022. “Despite slower sales, market conditions remained tight enough to support higher selling prices compared to last year. However, in line with TRREB’s forecast, there is evidence of buyers responding to increased choice in the marketplace, with the average and benchmark prices dipping month-over-month.


It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021, but the annual pace of growth will moderate in the coming months,” said TRREB Chief Market Analyst Jason Mercer.

So what is the message for you? Now might be a good time to determine the market value of your home. If you would like an opinion of value, I would be happy to help!

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Martha King

Martha is a third generation Toronto resident with a passion for the city and all it has to offer: top notch schools, shopping, cultural life and outdoor activities abound in this cosmopolitan centre.....

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