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TRREB (Toronto Regional Real Estate Board) Average Single Family Historical Home Prices and trends for Toronto, GTA and Mississauga

The average prices and the number of sales, once again, both were very strong last month. 

To read the entire Market Watch Report including figures and graphs, please click here (pdf format)

This is the report for latest month in real estate sales from the Toronto Regional Real Estate Board and indicates a 'normal' amount of activity and price levels.

Below is the latest release of figures

	Highlights of the latest report from TRREB for the Residential Real Estate Market in the GTA Real Estate Prices UP and Sales Volume UP - Mississauga and GTA Real Estate Newsletter October 2023 - Issue 10:08 This months Real Estate Update brings more market news from our real estate market here in Mississauga, Toronto and the GTA. Enjoy and I wish you all the best!  Mark The average selling price for last month was $1082496 (it was $1117611 last month) and this represents a 1.0% increase compared to the same month last year. see graph of prices here Greater Toronto Area REALTORS® reported 5,294 sales in August 2023 – down by 5.2 per cent compared to August 2022. New listings were up by 16.2 per cent year-over-over, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year. Seasonally adjusted sales were down slightly by one per cent month-over-month compared to July 2023, while new listings were up slightly by 1.3 per cent compared to July. The MLS® Home Price Index Composite benchmark for August 2023 was up by 2.5 per cent year-over-year. On Wednesday June 7, 2023 the Bank of Canada raised its policy interest rate to 4.75%. This decision was influenced by several factors including stronger than expected economic data, a thriving job market, and a persistently high inflation rate. In the announcement, the Bank stated that this rate increase reflects their view that monetary policy was not restrictive enough to bring supply and demand back into balance and bring inflation down to the 2% target. Some economists believe that we may see additional hikes this summer unless there are signs of the Canadian economy cooling off. Some history: During a recent Bank of Canada Rate announcement on Wednesday March 8th 2023 The Bank of Canada held it's benchmark interest rate at 4.5% after 8 consecutive increases. The Bank said it has paused the increases to assess the impact of previous hikes on the economy.  In January 2023 the Bank of Canada raised it's benchmark interest rate to 5.00%   Bank of Canada raises borrowing costs for seventh time in a row amid stubbornly high inflation. The Central bank has been raising rates aggressively to rein in sky-high inflation. Since March of 2022, the central bank has raised its key interest rate six consecutive times, bringing it from 0.25 per cent to 4.50 per cent. The current rate is 5.00% The Bank Prime rate for most lenders now stands at 7.20%   read more about interest rates in Canada Summary of 2022:   The average selling price for all properties in 2022 reached a new record of $1,189,850 up 8.6% compared to $1,095,333 in 2021. After reaching a peak in February 2022 the average price dropped almost every month thereafter for the remainder of the year. The average selling price for all properties in 2021 reached a new record of $1,095,475 up by 17.8 per cent compared to the average of $929,699 in 2020.   See more at this page about average prices and read the TRREB full price and data report below.
	PRESS RELEASE: Sales & Price Growth Continue last month See the full press release above.   Please refer to this page to see a graph of Average prices and More
	This is the full price and data report from TRREB for last month GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES TRREB RELEASES RESALE MARKET FIGURES AS REPORTED BY GTA REALTORS® GTA REALTORS Release August Stats Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower. “Looking forward, we know there will be solid demand for housing – both ownership and rental – in the Greater Toronto Area and broader Greater Golden Horseshoe. Record immigration levels alone will assure this. In the short term, we will likely continue to see some volatility in terms of sales and home prices, as buyers and sellers wait for more certainty on the direction of borrowing costs and the overall economy,” said TRREB President Paul Baron. Greater Toronto Area REALTORS® reported 5,294 sales in August 2023 – down by 5.2 per cent compared to August 2022. New listings were up by 16.2 per cent year-over-over, providing some relief on the supply front, but year-to-date listings are still down substantially compared to the same period last year. Seasonally adjusted sales were down slightly by one per cent month-over-month compared to July 2023, while new listings were up slightly by 1.3 per cent compared to July. “More balanced market conditions this summer compared to the tighter spring market resulted in selling prices hovering at last year’s levels and dipping slightly compared to July. As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers in order to qualify for higher monthly payments. Not all sellers have chosen to take lower than expected selling prices, resulting in fewer sales,” said TRREB Chief Market Analyst Jason Mercer. The MLS® Home Price Index Composite benchmark for August 2023 was up by 2.5 per cent year-over-year. The average selling price was also up, but by less than one per cent to $1,082,496 over the same timeframe. On a monthover- month seasonally adjusted basis, the MLS® HPI Composite benchmark was virtually unchanged and the average price edged lower by 1.6 per cent. “While higher interest rates have certainly impacted affordability, the prospect of higher taxes will also hit households’ balance sheets, especially younger buyers with limited savings. With the City of Toronto moving to raise the municipal land transfer tax (MLTT) rate on properties over $3 million as a revenue tool, it must also consider helping first-time home buyers struggling to enter the market by adjusting their tax rebate threshold to reflect today’s higher home prices,” said TRREB CEO John DiMichele. Mark

See the seasonal trends in graphical form

I hope this finds you Happy and Healthy!

All the Best!

Mark

Read about Housing market indicators from last month

See the Average Price Cycles from January 1995 to Date - a very interesting cyclical pattern is clearly seen!

See how the historical 1 year mortgage interest rate compares to the 5 year rate

Mississauga District Prices

This graph shows the 1989 real estate recession in the GTA and how long it took to recover from the drop in the average price from the peak price in February of 1989 to 2002

Economic Indicators

Statistics Canada, Quarter-over-quarter growth, on an annual basis, Statistics Canada, Year-over-year growth for the most recently reported month, Bank of Canada, Rate from most recent Bank of Canada announcement Bank of Canada, Rates for most recently completed month

Of Mississauga’s 240,660 households, 66,655 or 27.7 per cent were renters in 2016, earning an annual income of $58,272. The average cost of rent and utilities per month for Mississauga renters came in at $1,281 compared to $1,109 for the rest of Ontario.

https://www.bramptonguardian.com/news-story/8599132-rental-housing-supply-and-affordability-in-mississauga-and-brampton-are-critical-/

TRREB (Toronto Regional Real Estate Board) Boundaries Districts and Service Districts and Areas

Notes
1. Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TRREB MLS® System between the first and last day of the month/period being reported.
2. New listings entered into the TRREB MLS® System between the first and last day of the month/period being reported.
3. Active listings at the end of the last day of the month/period being reported.
4. Ratio of the average selling price to the average listing price for firm transactions entered into the TRREB MLS® System between the first and last day of the month/period being reported.
5. Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.
6. Active Listings at the end of the last day of the month/period being reported.
7. Past monthly and year-to-date figures are revised on a monthly basis.
8. SNLR = Sales-to-New-Listings Ratio. Calculated using a 12 month moving average (sales/new listings).
9. Mos. Inv. = Months of Inventory. Calculated using a 12 month moving average (active listings/sales).
10. "Bradford West Gwillimbury" is referred to as "Bradford" and "Whitchurch-Stouffville" is referred to as "Stouffville" in the report

Historic Sales Figures

• Average Price Report for 2022
  
  
• Average Price Report for 2021
• Average Price Report for 2020
• Average Price Report for 2019
• Average Price Report for 2018
• Average Price Report for 2017
• Average Price Report for 2016
• Average Price Report for 2015
• Average Price Report for 2014
• Average Price report for 2013
• Average Price report for 2012
• Average Price report for 2011
• Average Price report for 2010
• Average Price report for 2009
• Average Price report for 2008
• See 2007 year sales figures
• See 2006 year sales figures
• See 2005 year sales figures
• See 2004 year sales figures

Rental Market indicators in the GTA

Archived issues of my TRREB Market Watch reports

• May 2023
  
  
• March 2023
  
  
• February 2023
  
  
• January 2023
  
  
• December 2022
  
• October 2022
  
• September 2022
  
• June 2022
  
• May 2022
  
• April 2022
  
• March 2022
  
• February 2022
  
  
• December 2021
  
• November 2021
  
• October 2021
  
• July 2021
  
• May 2021
  
• April 2021
  
• March 2021
  
• February 2021
  
• January 2021
  
  
• See Past Reports and figures as far back as 1981

Next Step in Selling Process

Sept, '51 da 2021 

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