The Toronto Regional Real Estate Board (TRREB) has released the MLS sales data for July 2022. As expected, it was a slow month for real estate sales across the region. With 4912 home sales reported, transactions were down 47.4% year-over-year, and down 24.1% from June.
New listings were slightly down from the same time last year. At month’s end, there were 15,334 active listings, a gain of 57.6% from a year earlier, and representing a 3.12-month supply heading into August. Months of inventory remain at the highest levels in over two years and continue to rise towards balanced conditions.
Higher borrowing costs and increased inventory continue to take the steam out of the market, with many buyers taking a wait-and-see approach. As a result, average selling prices are trending downwards. They are now roughly on par with the same time last year and are down on a month-to-month basis. The average sales price of $1,074,754 represents a 1.2% increase compared to last year, and a decline of roughly $70,000 from June. The MLS Home Price Index (HPI) Composite Benchmark was up 12.9% from July 2021.
Looking at price by housing type, detached homes sold for an average of $1,362,598. This is a year-over-year decrease of 3.1% and a month-over-month decline of 6.34%. The average price for semi-detached homes was $1,077,750 (+4.9% / -4.18%), townhomes showed an average of $903,899 (+6.3% / -3.12%), and the average price of condos was $719,273 (+6.9% / -3.74%).
The average July sale took place in 19 days on the market, up from 15 days in June, and at 99% of the listing price, down from 100% in June.
Though summer months often bring a lull to the market, MLS sales this past month were at their lowest levels for the month of July since 2000. Inflationary pressures have significantly impacted home sales, and buyers are demonstrating patience as they track price trends and weigh options.
Harvey Kalles Real Estate has been in business since 1957 and we bring a wealth of experience to fluctuating markets. Whether you are buying or selling, please speak with a member of our sales team. We are here to lend clarity and insight to the current market conditions.
