The real estate market further slowed down in September 2022. TRREB market statistics reported 5,038 sales in the GTA during the month, down on an annual basis.
The average selling price in the GTA fall 4.3% to $1.08 million, and $10,000 more than in August 2022.
The number of newly listed homes during the month was 13,534, resulting in a sales-to-new listings ratio of a buyer-favored 37.2%.
Many potential buyers hold their purchase plans due to higher borrowing costs and other factors. However, with economic conditions improving and immigration policy unchanged, housing demand will recover gradually.
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Condos Market
Condos stayed on the market for an average of 27 days in the Central, while in East Region and West Region, they needed 26 days and 25 days to sell.
In September 2022, the average DOM for the condo market in the City of Toronto was 26 days, four days longer than that for August 2022.
Detached Market
The East Region market was still the hottest, and houses were sold firm within 17 days.
In the City of Toronto, detached homes were on the market for an average of 19 days in September, up by five days compared to the last month.
Detached homes needed an average of 20 days to sell in the Central Region and 22 days in the West Region.
