On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s August 2022 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from August 2022 - as well as specific info on both condo and home prices in the GTA:
Real Estate Market Watch: Residential Transactions
- 5,627 residential home transactions took place in August 2022, down from 8,549 in August 2021 - a decrease of 34.2%.
- When seasonal adjustments are taken into account, there was an 11.1% increase in the number of purchases from July 2022 (55,296) to August 2022 (5,885).
August 2022 Real Estate News: Average Selling Prices
- The average sale price for August 2022 was $1,079,500. This is an increase of 0.9% over August 2021, when it was $1,070,201.
- The average price for homes in the Greater Toronto Area went up by 2.1% compared to the previous month (from $1,107,613 to $1,130,463).
Monthly Market Update: New Listings
- There were 10,537 listings available for August 2022, which is a 0.7% decrease from August 2021 (when there were 10,615).
- The sales-to-listings ratio has decreased by 28% from July 2021, from 81% to 53%.
Real Estate Market Watch for August 2022: Days On The Market
- The average property spent 32 days on the market, compared to 21 last year - an increase of 61.9%.
- Listings spent an average of 22 days on the market, which is a 37.5% increase from this month last year (when they spent an average of 16).
Click Here To Read TRREB's August 2022 Real Estate Market Watch Report for Both Homes and Condos
In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What type of home or mortgage can I afford?
- Which incentives are available for first-time buyers?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
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