The Real Estate Market Report for July 2022 is now available! This report covers the latest trends in the real estate market, including housing demand, prices, and sales.
The Toronto Regional Real Estate Board (TRREB) MLS® System reported 4,912 home sales in July 2022, a decrease of 47% from July 2021. Sales were also down compared to June, following the usual seasonal trend. In July, new listings also fell year on year, albeit by a more moderate 4%. As we move through the second half of 2022 and into 2023, the trend for new listings is expected to continue to follow the trend for sales.
MLS® Residential Housing Market as of July 2022
In July 2022, market conditions remained significantly more balanced than a year earlier. As consumers have more options, the annual price growth rate has slowed. The MLS® Home Price Index measures the value of a home on the market (HPI). Year-over-year, the composite benchmark increased by 12.9%. The average selling price increased by 1.2% compared to $1,074,754 in July 2021. Less expensive home types, such as condo apartments, experienced higher rates of price growth as more buyers turned to these segments to help offset the impact of higher interest rates and borrowing fees.
The figure below displays the market update for Brampton, Caledon, Mississauga, Burlington, Milton, Oakville, Toronto, Hamilton, and St. Catharines, along with changes from July of the previous year.
*Disclaimer: These numbers are for July 2022 and are based on what is currently listed on the MLS®.