Toronto's Sales Numbers Lowest In 22 Years

By: Thomas Cook

Toronto's Sales Numbers Lowest In 22 Years

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our October 2022 Toronto real estate market report.
The most dramatic statistic for October is the big drop in downtown condo sales.
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
The last time October sales numbers came in this low (4,961 sales of houses and condos across the GTA), in the middle of the fall market was all the way back in 2000, 22 years ago.  This was 49% below October sales in 2021.
Condo townhouse and high-rise suite sales mirrored that of the overall market and were lower by almost 57-60%.  Overall, 1,725 units were sold in the month.
The October 2022 average sale price for all GTA homes came in at $1,089,428… a negative 5.7% decline compared to one year ago.  If you compare this October to October 2020, two years ago, the average sale price is still up a respectable 12.5%.
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 October were the lowest since March.  This is 27% below the average October 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 October ratio recovered slightly to 41.3% indicating a bit of movement towards sellers’ market territory.
The overall days-on-market average for GTA / Toronto homes was 2 days faster at 21 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in October 2022 as summer ends and we hit the middle of the fall market.

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

Thomas Cook

Keep Up To Date With Toronto's Real Estate Market
Every month we communicate with our readers to give them accurate insights and statistics about what's happening in the Toronto and GTA real estate markets.
Subscribe to our free monthly FYI Newsletter HERE