Toronto's Market Stabilized In August With Fewer Listings

By: Thomas Cook

Toronto's Market Stabilized In August With Fewer Listings

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our August 2022 Toronto real estate market report.
Fewer listings in August caused the market to sustain some momentum resulting in a flat average sale price month over month.
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
The last time August sales numbers came in this low (5,627 sales of houses and condos across the GTA), at the end of a summer market was all the way back in 2002, 20 years ago.  This was 34% below August sales in 2021.
Condo townhouse and high-rise suite sales mirrored that of the overall market and were lower by 42%.  Overall, 1,918 units were sold in the month.
The August 2022 average sale price for all GTA homes came in at $1,079,500… a negligible 0.9% increase compared to one year ago.  If you compare this August to August 2020, two years ago, the average sale price is still up a respectable 13.5%.
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 August decreased from the month before… an approximate 13% decrease to 13,305.  This is still 17% below the average August listings numbers over the past 12 years.
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 continuing to shift, the August ratio increased significantly to 42.3% indicating a swing towards a very moderate seller’s market.
The overall days-on-market average for GTA / Toronto homes was 3 days slower at 22 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in AUGUST 2022 as we swing through the summer months.

If you’re a seller who ‘has to sell’, you’ll need to be realistic.  Those high sale prices we saw in the spring are in the ‘fantasy realm’ now.  But remember, if you sell for less, you’ll be able to buy for less too. smiley

Thomas Cook

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