JULY 2022 IN REVIEW
There were 4,912 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS System in July 2022 – down by 47% compared to July 2021. Following the regular seasonal trend, sales were also down compared to June.
New listings also declined on a year-over-year basis in July, albeit down by a more moderate four percent. The expectation is that the trend for new listings will continue to follow the trend for sales, as we move through the second half of 2022 and into 2023.
Market conditions remained much more balanced in July 2022 compared to a year earlier. As buyers continued to benefit from more choice, the annual rate of price growth has moderated.
The average selling price was up by 1.2 per cent compared to July 2021 to $1,074,754. Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact of higher borrowing costs.
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