June 2022 Real Etate Report

By: Jesse Jenish

June 2022 Real Etate Report

Tags: TORONTO REAL ESTATE, MARKET UPDATES

 

JUNE 2022 IN REVIEW


Higher borrowing costs continued to impact home sales in June 2022. Sales totalled 6,474 3 down by 41 percent compared to last year's strong result.

The number of transactions was also down compared to May 2022, but this is often the case due to the seasonal nature of the market.

Annual price growth was driven more so by less expensive market segments, including townhouses and condominium apartments. 

 While the number of transactions was down year-over-year, the number of new listings was little changed over the same period. This has provided for more balance in the market, resulting in a more moderate annual pace of price growth.  

There were 16,347 new listings for the month, up by 1,o% on a year-over-year basis.

The average selling price, at $1,146,254, remained 5.3 percent above the June 2021 level, but continued to trend lower on a monthly basis.

The average selling price for detached homes was $1,454,902, up 3.5% year-over-year. 

The average condo price was $747,216, up 9.3% year-over-year.

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 jesse@jessejenish.com.