Skip to main content

GTA REALTORS® Release May 2022 Stats

Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.

''Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,'' said TRREB President Kevin Crigger.

GTA REALTORS reported 7,283 sales through TRREB's MLS System in May 2022 - down 38.8 per cent compared to May 2021 and down nine per cent compared to April 2022. The number of new May listings was similar to last year's level and edged up on a month-over-month basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on a year-over-year basis by 26 per cent.

Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4 per cent. The MLS Home Price Index Composite Benchmark was also up on a year-over-year basis by 23.9 per cent. On a month-over-month basis, both price metrics were lower, reflecting more balanced market conditions.

''Price trends observed over the past three months - both in terms of moderating annual growth rates and the recent month-over-month dips - are in line with TRREB's forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power,'' said TRREB Chief Market Analyst Jason Mercer.

Comments

Post a Comment

Popular posts from this blog

GTA REALTORS ® Release July 2025 Stats

TORONTO, ONTARIO, August 6, 2025 – The Greater Toronto Area (GTA) experienced the best home sales result for the month of July since 2021. Sales were also up relative to listings, suggesting a modest tightening in the market compared to last year.  “Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales. More relief is required, particularly where borrowing costs are concerned, but it’s clear that a growing number of households are finding affordable options for homeownership,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. GTA REALTORS® reported 6,100 home sales through TRREB’s MLS® System in July 2025 – up by 10.9 per cent compared to July 2024. New listings entered into the MLS® System totalled 17,613 – up by 5.7 per cent year-over year.  On a seasonally adjusted basis, July home sales increased month-over-month compared to June 2025. New listings also rose compared...
Post a Comment
Read more

7 Ways to Make Your Home Cozier This Winter Without Spending

As the temperatures continue to drop, we'll all be spending more time indoors. There are countless ways to make your home feel cozier for the winter if you have extra money to spend, but if you're being mindful of your finances after the holidays, here are some ideas to help you do it without spending. Bring Out the Blankets As the temperatures drop, it’s time to bring out all of those extra throw blankets and quilts you have lying around in storage. Drape blankets over your couches, chairs, beds, and ottomans; fill a blanket ladder and display it in the corner of a room; or fold extra blankets and place them in the corner. Sticking to warm textures such as wool where possible will help to make the space feel cozy. Light Candles Lighting some candles around your home is one of the easiest ways to make your space feel cozy, and who doesn’t have a stash of candles sitting around somewhere in their home? Not only will the flickering light add a sense of warmth and charm, but your ...
Post a Comment
Read more

Getting Your Home Back To School Ready

The countdown is on for back to school. If you have school-aged kids, now the time to prep for the busy days ahead. So, how can you get your home ready for the rush? Organize your entryway with a place to hang jackets and a spot for essentials you might need just before you go (e.g., sunglasses and keys). Declutter clothes and books, donating or selling items your kids have outgrown. Designate a study area with ample space, good lighting, and a comfortable chair. This could be in the kitchen so you can supervise homework while cooking, at the dining table, or at a desk in your child’s bedroom. Also, organize and stock up on school supplies. Organize cupboard space for lunch containers. Create a spot for quick and healthy after-school snacks like fruits and nuts, and reserve space in the fridge for perishable snacks like yogurt, cheese, and cut-up vegetables. Have a spot to hang art and test scores, such as a pegboard, a strong with clothespin, or a classic spot, the fridge. With little...
Post a Comment
Read more