Finally… Some relief for buyers

By: Thomas Cook

Finally… Some relief for buyers

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our April 2022 Toronto real estate market report.
 
As 5-year fixed rate mortgages hit 4.09%, the Toronto market is finally taking notice and sales are slowing.
 
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
The last time April numbers came in this low (8,008 sales of houses and condos across the GTA), in the midst of the typical busy spring market was back in 2018.  This was 41% below April sales in 2021.
 
Condo townhouse and high-rise suite sales mirrored that of the overall market and were lower by 36%.  Overall, 2,825 units were sold in the month.
 
The April 2022 average sale price for all GTA homes came in at $1,254,436… a big 15% increase compared to one year ago.  If you compare this April to April 2020, two years ago, the average sale price is up 53%.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The ‘active listing’ inventory for the month of April increased dramatically from the month before… an approximate 30% increase to 13,098.
 
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
 
With the market shift, the April ratio dropped substantially to 61.1% indicating a not-so-frothy, but still maintaining, a seller’s market.
 
The days-on-market average for GTA / Toronto homes was 3 days slower at 11 days.

Here’s a snapshot summary of the significant real estate milestones for Toronto in APRIL 2022 as we begin the year.

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