REAL May Market Review
ESTATE
GTA MONTHLY STATISTICS
May, 2022
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
GTA AREA
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
Sales
Average Price
416
905
416
905
814
2,552
1,914,890
1,432,951
-34.8%
-42.6%
11.5%
316
436
1,426,273
-29.1%
-44.4%
7.5%
267
1,251
1,045,874
-47.9%
-40.8%
10.4%
13.8%
793,124
722,778
10.5%
19.7%
1,264 -32.5%
584 -29.5%
7.8%
1,044,443 14.1%
958,558
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
MARKET OVERVIEW TORONTO, ONTARIO, June 3, 2022 – 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.
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
MARKET OVERVIEW GTA REALTORS® reported 7,283 sales through TRREB’s MLS® System in May 2022 – down 38.8 percent 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-overmonth basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on a year-overyear basis by 26 percent. 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 percent. The MLS® Home Price Index Composite Benchmark was also up on a year-over-year basis by 23.9 percent. On a month-overmonth 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.
MISSISSAUGA MONTHLY STATISTICS
May 2022
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
MISSISSAUGA Sales
Listings
223
657
-46%
8%
Average Price $1,678,533 8%
98
216
-41%
-11%
26
58
-35%
9%
11%
178
506
$672,162
10%
17%
-30%
$1,123,011 15%
$1,056,708
Days on Market 11 0.0%
11 22%
14 56%
14 7%
TORONTO MONTHLY STATISTICS
May 2022
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
TORONTO Sales
Listings
Average Price
Days on Market
814
2,036
$1,914,890
11
-4%
12%
316
682
$1,426,273
-29%
1%
8%
-35%
101
234
-42%
-8%
1%
1,264
3,415
$793,124
2%
11%
-33%
$1,238,845
10%
9 0%
10 0%
15 13%
OAKVILLE MONTHLY STATISTICS
May 2022
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
OAKVILLE Sales
Listings
134
327
-42%
1%
6 -50%
25 127%
49
113
-36%
1%
45
79
0%
-2%
Average Price $1,929,573 4%
$1,297,250 10%
$1,260,141 15%
$831,938 21%
Days on Market 14 27%
14 133%
16 78%
19 36%
BURLINGTON MONTHLY STATISTICS
May 2022
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
BURLINGTON Sales
Listings
153
305
-8%
40%
Average Price $1,584,574 13%
20
25
-5%
-26%
17
46
-60%
35%
16%
54
87
$797,126
-1%
36%
28%
$987,675 6%
$1,009,392
Days on Market 12 33%
11 58%
10 25%
15 15%
MILTON MONTHLY STATISTICS
May 2022
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
MILTON Sales
Listings
92
244
Average Price $1,458,704
-32%
27%
10
34
-76%
-38%
67
139
-39%
5%
12%
14
55
$678,429
57%
15%
0%
9%
$1,200,500 27%
$966,756
Days on Market 10 0%
11 22%
8 14%
11 -15%
VAUGHAN MONTHLY STATISTICS
May 2022
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
VAUGHAN Sales
Listings
Average Price
Days on Market
117
424
$1,819,933
13
-60%
-16%
24
62
-52%
-6%
52
128
-40%
3%
11%
62
247
$791,635
48%
-21%
-31%
6%
$1,209,450 11%
$1,203,815
-8%
14 75%
12 9%
15 -6%
DURHAM MONTHLY STATISTICS
May 2022
Source: Toronto Regional Real Estate Board, Market Watch, May, 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
DURHAM REGION Sales
Listings
Average Price
Days on Market
679
1,546
$1,094,693
9
-35%
11%
9%
71
125
$812,146
-37%
4%
135
291
$907,885
-36%
16%
18%
58
121
$633,509
2%
57%
19%
11%
13%
10 43%
10 25%
12 50%