As per TRREB Market Watch Report, in June 2022, number of home sales went down by 11.1% compared to May 2022. When we look at the year over-year change in number of sales, June 2022 was down by 41.4% from June 2021.
This slow down can be attributed to increased cost of borrowing and its impact on affordability, which caused some home buyers to take a pause to see where home prices will settle. As a result, there are a lot more active listings in the market, making it a more balanced market. However, as the months wear on, the buyers are expected to adjust to the higher borrowing costs and the activity in the market is expected to increase again.
As per TRREB Market Watch Report, in June 2022, average sales price went down by 5.5% from May 2022. The year-over-year increase in average sales price was 5.3%. This modest year-over-year increase is also expected to pick up as the buyers adjust to the new borrowing costs.
Please contact me with any questions on how to interpret this data or if I can provide further insight for your specific situation. As a REALTOR®, I have access to a lot more information that I can present here. I will do a deep-dive and extract the information you are looking for to make decisions.
Check out my summary chart for Toronto, Mississauga, and Oakville HERE.
Click HERE to see the full TRREB report.