April 2022 IN REVIEW
The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.
TRREB released its monthly key housing market stats for April 2022 and reported 8,008 sales, down by 41.2% compared to April 2021.
There were 18,413 new listings for the month, down 11.7% on a year-over-year basis.
The average selling price for all home types combined was up by 12.3% to $1,254,436
If you have any questions or would like to find out if it's the right time for you to buy or sell, don't hesitate to give me a call or text at 647-522-9057 or send me an email to email@example.com.