Softening Market?
The month of May proved to be another step toward a softening in specific Toronto real estate market segments. The city’s outskirts (i.e., suburbs have seen a let-of in value, not a big surprise considering the growth was unprecedented in areas like Whitby, it’s no wonder that the air has come out of that balloon with a fizzle sound.) Toronto has seen fewer showings, longer days on the market, and fewer offers at the table. This is not bad, and this is a more balanced market. Frankly, it’s a relief for some buyers who were exhausted by the uptick in prices in recent years. On the other hand, sellers remain in a good position, just with fewer buyers. Prices have not left off that much in the core of the city. Some Realtors have to learn how to price and sell homes, skills they have not needed if they are newer to the industry in recent years.
Biggest story right now?
Additional interest rate hikes affected the variable mortgage rates. Buyers are a little stressed.
What’s important to know about the interest rate hikes?
Lending rates are lower than pre-pandemic rates. What we saw for two years was NOT at all sustainable. These rates are still, historically speaking, excellent.
The best way to frame up Toronto’s real estate market right now?
Balanced. Buyers, you may have an opportunity to negotiate!
Toronto Real Estate Market Report – May 2022
May 2022 was another month of few sales in Toronto’s central areas. There were a total of 1,297 sales transactions – fewer than a month ago. Keep in mind that with so few trades, the values can be skewed with more lower-priced condos and houses versus higher-priced homes – our overall annual markers will provide a better sense of value increase, which you can reach out to us here to discuss.
Detached Home Values
There were 279 sales in central Toronto in April 2022 – down about 10%. The average home sold for $2,66,6,414, up 16% since May 2021. The average home was on the market for a meagre 13 days.
Semi-Detached & Townhouse Values
There were 256 sales in central Toronto in May 2022. The average home sold for $1561,616, up 12.6% since May 2021. The average home was on the market for half of the Toronto market average, 9 days.
➤ Check out our top reads for anyone thinking about living in Toronto:
Toronto Condo Values
There were 762 condo sales—the average central Toronto condo sold for $865,268, up 7% from May 2021. The average condo was on the market for an incredibly low 12 days.
If you want to learn more about Toronto real estate, contact us here and read through our blogs.
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