Ontario Real Estate Market Report – August 2022
The Real Estate Market Report for August 2022 is now available! This report covers the latest trends in the real estate market, including housing demand, prices, and sales. Our monthly Real Estate Market Report is a helpful guide if you are considering buying a home, an investment property, or selling your home; it will provide you with the most updated data to help you make an informed decision.
MLS® Residential Housing Market as of August 2022
In August 2022, there were 5,627 home sales reported through the Toronto Regional Real Estate Board (TRREB) MLS® System, representing a 34.2 percent year-over-year drop 3 and a slower annual rate of decline compared to the previous four months. The August sales result was also a month-over-month increase over July.
When compared to the previous three months, sales represented a higher proportion of new listings. If this pattern continues, it may indicate some support for selling prices in the coming months. The MLS® Home Price Index (HPI) increased by 8.9 percent year over year, and the average selling price for all home types combined increased by 0.9% to $1,079,500. The average selling price increased slightly month over month, while the HPI Composite fell from July to August. Monthly price growth versus a drop in the HPI Composite suggests that more expensive home types were sold in August.
The figure below displays the market update for Brampton, Caledon, Mississauga, Burlington, Milton, Oakville, Toronto, Hamilton, and St. Catharines, along with changes from June of the previous year.
*Disclaimer: These numbers are for August 2022 and are based on what is currently listed on the MLS®.