Market Watch

image

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis.

From TRREB: The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.
Source: https://trreb.ca/files/market-stats/market-watch/mw2204.pdf
Let's discuss the market. Let's discuss your investments. Let's discuss your new home!
Milind Jog
www.jogtosuccess.ca
(416) 561-7511

Royal LePage

Royal LePage Credit Valley RE



 

image

GTA REALTORS® Release April Stats

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.


Read more here:   https://trreb.ca/index.php/market-news/market-watch

Let's discuss the market!
Milind Jog
www.jogtosuccess.ca
(416) 561-7511

Royal LePage

Royal LePage Credit Valley RE

image

2022 home price forecast increased after exceptionally strong first quarter

Royal LePage Market Trends

Royal LePage has increased its 2022 forecast following record price gains in the first quarter of 2022. The aggregate price of a home in Canada is expected to be 15% higher in the fourth quarter of this year compared to the end of 2021, following a supercharged start to the year. As we enter the spring market, buyer hopefuls continue to be challenged by tight competition, due to a chronic shortage of supply, despite a slight increase of inventory hitting the market in some regions. 

Read from source: https://blog.royallepage.ca

“Entering 2022, we had anticipated a strong first half, and moderating real estate markets thereafter. Call it buyer fatigue or easing demand, these periods of uncomfortably high home price appreciation do run their course. We are seeing the first signs of moderation in some regions, as more inventory is becoming available and competition eases slightly,” said Phil Soper, president and CEO of Royal LePage. “The first quarter of the year was so strong, however, that we are bumping up our 2022 outlook. And, home prices will continue to climb in the months ahead as a result of our relentless low supply-high demand imbalance.”

While some properties may be attracting fewer bids than last year, and buyer behaviour is beginning to shift – given the recent increase in interest rates and the expectation of several more to come – listings in popular neighbourhoods that are priced appropriately continue to draw multiple offers and are selling above the list price. 

Nationally, the aggregate price of a home increased 25.1% year-over-year to $856,900 in the first quarter of 2022; the highest gain on record since the Company began tracking aggregate prices. When broken out by housing type, the national median price of a single-family detached home rose 26.7% year-over-year to $906,100, while the median price of a condominium increased 19.7% year-over-year to $612,900.21.

Read Royal LePage’s first quarter release for national and regional insights. 

First quarter press release highlights:

  • Early signs of moderation appear as some urban markets unveil improved conditions for buyers
  • Promising new federal and provincial policies aimed at tackling housing availability and affordability not expected to provide relief in 2022
  • Kingston, Ontario, posts highest year-over-year aggregate and detached home price gains in Canada for the second straight quarter 
  • Four markets in Ontario’s Golden Horseshoe region report median single-family detached home prices above $1 million for first time
Need to discuss these findings? Contact me; 

Milind Jog
Realtor
Royal LePage Credit Valley
(416) 561-7511
mjogroyallepage@gmail.com

image

MARKET WATCH March 2022

Average GTA Home Price Hovers at $1.3m

There were almost 11,000 Greater Toronto Area (GTA) home sales reported in March 2022, capping off the third-best March and second-best first quarter on record. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million. The average selling price dipped slightly month-over-month, bucking the regular seasonal trend.
Click Here To Read Report https://trreb.ca/index.php/market-news/market-watch


Need to discuss these findings? How do they affect you and your investment in this market? 

Call me; 
Milind Jog
www.jogtosuccess.ca
416.561.7511

Royal LePage

Royal LePage Credit Valley RE
 

image

Market Watch March 2022 - SPRING MARKET

TRREB is seeing a more balanced market, sales are dipping more than new listings. While the inventory is still exceptionally low, we look forward to a steady pace of growth.

Are you in the market for a new home but discouraged by this? Things are looking up for new homeowners.

Let's talk!
Milind Jog
www.jogtosuccess.ca
(416) 561-7511

Royal LePage

Royal LePage Credit Valley RE

image

Second Highest February Sales on Record

February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history.

Link to the TRREB February stats: https://trreb.ca/files/news_releases/news2022/nr_market_watch_0222.pdf

New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support double-digit price growth year-over-year. 

If you have questions, reach out to me;
Milind Jog
jogtosuccess.ca
(416) 561-7511
Royal LePage
Royal LePage Credit Valley RE