Report on last months NewsGTA Resale Housing Sales Up |
This charts below show the historical annual price and sales volumes to current month:
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Report as of Sunday, December 11, 2022In this Issue of my newsletter |
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 DOWN and Sales Volume DOWN - Mississauga and GTA Real Estate Newsletter December 2022 - Issue 12:11 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
See more at this page about average prices and read the TRREB full price and data report below. |
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PRESS RELEASE: Sales & Price Growth Continue last monthSee the full press release below. Please refer to this page to see a graph of Average prices and More |
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This is the full price and data report from TRREB for last monthGTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES TRREB RELEASES RESALE MARKET FIGURES AS REPORTED BY GTA REALTORS® GTA REALTORS® Release November Stats INTEREST RATE HIKES DRIVE DOWN HOME SALES AND NEW LISTINGS IN NOVEMBER TORONTO, ONTARIO, December 6, 2022 – Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August. Greater Toronto Area (GTA) REALTORS® reported 4,544 sales through TRREB’s MLS® System in November 2022 – down 49 per cent compared to November 2021, but remaining at a similar level to October especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis. “Increased borrowing costs represent a short-term shock to the housing market. Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth,” said TRREB President Kevin Crigger. “We have seen a lot of progress this year on the housing supply and related governance files such as the More Homes Built Faster Act. This is obviously good news. However, we need these new policies to turn into results over the next year. Otherwise, the current market lull will soon be behind us, population growth will be accelerating, and we will have done nothing to account for our growing housing need. The result would be enhanced unaffordability and reduced economic competitiveness,” said TRREB CEO John DiMichele. The MLS® Home Price Index Composite Benchmark was down by 5.5 per cent year-over-year in November 2022. The average selling price for all home types combined was down by 7.2 per cent year-over-year. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses. “Selling prices declined from the early year peak as market conditions became more balanced and homebuyers have sought to mitigate the impact of higher borrowing costs. With that being said, the marked downward price trend experienced in the spring has come to an end. Selling prices have flatlined alongside average monthly mortgage payments since the summer,” said TRREB Chief Market Analyst Jason Mercer. Mark |
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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
Summary of TorontoMLS Sales and Average Price
Sales by housing type
Below is a Graph showing TRREB Historical Average Price Data
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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
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
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.
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
Rental Market indicators in the GTA
Next Step in Selling Process |
Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale | All Pages including Mississauga Real Estate Blog all maintained by info@mississauga4sale.com Copyright © A. Mark Argentino, P.Eng., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434 First created - Tuesday, July 16th, 1996 at 3:48:41 PM - Last Update of this website: Thursday, June 1, 2023 6:45 AM
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