Hey there, Toronto real estate enthusiasts! Are you ready for some juicy market updates? Well, buckle up because September 2022 was quite the ride for the Greater Toronto Area (GTA).

Psst! Yeah, you. Before you get lost in our blog, let me clue you in on a little secret: the real estate tea is spilling over on our channel. Don’t believe me? Subscribe to our channel and see for yourself. You won’t regret it, I promise.

First off, let’s talk about sales. They hit a total of 5,038 for the month, but unfortunately, that number was down 44.1% compared to September 2021. Ouch. And if that wasn’t enough of a blow, new listings were also down 16.7% year-over-year to a measly 11,237. Uh oh. In fact, this was the lowest number of new listings reported for September since 2002. Yikes.

But wait, there’s more! The stock of homes in the GTA has significantly increased over the past 20 years, making this dip in housing demand even more concerning. We can’t let this temporary slowdown mask the critical shortage of homes available for sale in the GTA. It’s up to the candidates running in the upcoming Ontario municipal elections to make sure home buyers and renters have plenty of housing options in the future. 

And let’s not forget about the impact of municipal council decisions on housing affordability. Things like prolonged development approval processes, high development fees, and other policies that hinder timely housing development can all make a difference. Not to mention, policies that prevent homeowners from listing their homes for sale, such as the land transfer tax and potential new regulations like mandatory home energy audits, can be a major deterrent for some. 

Now, onto some good news. Despite the drop in sales and new listings, the MLS® Home Price Index (HPI) Composite benchmark was up 4.3% year-over-year. However, the average price dipped 4.3% to $1,086,762 over the same period. But don’t worry, the average price did increase compared to August 2022. 

So, what does all this mean? Well, the average selling price of just below $1.1 million may have found some support in the past couple of months, but with new listings well below historical norms, some home buyers may be feeling the squeeze in certain GTA neighborhoods. It’ll be interesting to see where price trends go in October, which is usually the peak of the fall market. That’s all for now, folks. Happy house hunting!

Thinking of diving into the Toronto market? Don’t be shy, let’s get the ball rolling! Text or call me at 647-973-8392, and let’s have a casual conversation!