{"id":6551,"date":"2022-10-06T06:09:24","date_gmt":"2022-10-06T14:09:24","guid":{"rendered":"https:\/\/blog.justo.ca\/blog-admin\/?p=6551"},"modified":"2023-09-13T10:36:22","modified_gmt":"2023-09-13T18:36:22","slug":"toronto-real-estate-market-update-september-2022","status":"publish","type":"post","link":"https:\/\/blog.justo.ca\/blog\/toronto-real-estate-market-update-september-2022\/","title":{"rendered":"GTA home sales in September down 44% from last year, new listings lowest in 20 years"},"content":{"rendered":"\n

The Toronto Regional Real Estate Board<\/a> (TRREB) reported that the GTA housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44% compared to September 2021. New listings were also down on a year-over-year basis by 16.7% to 11,237. This is the lowest number of new listings reported for September since 2002. <\/p>\n\n\n\n

The average selling price remained fairly steady, up slightly from last month to $1,086,762 and down 4.3% from September\u2019s 2021 figure of $1,135,027.<\/p>\n\n\n\n

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\u201cHovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer,\u201d says TRREB Chief Market Analyst Jason Mercer. \u201cWith new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month.\u201d<\/p>\n\n\n\n

Alexander Kvitnisky<\/strong>, Justo\u2019s Broker of Record, expects a rebound will happen, but it will take time. <\/p>\n\n\n\n

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\u201cAccording to a report by RBC<\/a> the market is expected to bottom out in the spring before fully adjusting to the rising interest rates,\u201d Kvitnisky says. \u201cThe expected drop is about 14% in comparison to the peak price of February 2022. As we get closer to the low point I think there’s a potential for sales to start ramping up again as buyers attempt to cash in on the reduced prices.\u201d<\/p>\nAlexander <\/strong>Kvitnisky, Justo\u2019s Broker of Record<\/cite><\/blockquote>\n\n\n\n

Here are key market highlights from September 2022:<\/p>\n\n\n\n