Real Estate Market Watch - November 2022

On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s November 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 November 2022 - as well as specific info on both condo and home prices in the GTA:

Real Estate Market Watch: Residential Transactions

• 4,544 residential home transactions took place in November 2022, down from 8,979 in November 2021 - a decrease of 49.4%.
• When seasonal adjustments are taken into account, there was an 2.4% decrease in the number of purchases from October 2022 (5,007) to November 2022 (4,886).

November 2022 Real Estate News: Average Selling Prices

• The average sale price for November 2022 was $1,079,395. This is a decrease of 7.2% over November 2021, when it was $1,162,564.
• The average price for homes in the Greater Toronto Area saw a 0.3% increase compared to the previous month (from $1,098,046 to $1,101,730).

 

Monthly Market Update: New Listings

• There were 8,880 listings available for November 2022, which is a 11.6% decrease from November 2021 (when there were 10,044).
• The sales-to-listings ratio has decreased by 38% from November 2021, from 89% to 51%.

 

Real Estate Market Watch for November 2022: Days On The Market

• The average property spent 33 days on the market, compared to 18 last year - an increase of 83.3%.
• Listings spent an average of 22 days on the market, which is a 69.2% increase from this month last year (when they spent an average of 13).

   

Click Here To Read TRREB's November 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?
• Principal Residence Exemptions
• 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?

We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA's home & condo markets - both for November 2022 and beyond. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2022.

This guide is for general informational purposes and does not constitute legal, financial, or tax advice. Every situation is different — always consult a licensed real estate professional, lawyer, and tax advisor before making any decisions.

Ready to Take the Next Step?

Create your free, secure account at www.VIPCondosToronto.net for full MLS access, real-time sold data, and VIP pre-construction pricing and floor plans — the same tools our team uses every day.

For personalized advice on your specific Toronto buying or selling situation, contact Frank Merigliano and the VIP Condos Toronto team directly:

• Phone: 416-885-0172

• Email: frank@vipcondostoronto.net

• Web: www.VIPCondosToronto.net

Frank Merigliano, Team Leader / Sales Representative, VIP Condos Toronto, RE/MAX PREMIER INTERNATIONAL INC., Brokerage — licensed since 1993, with RE/MAX since 1995, and a Top 50 RE/MAX team in Canada since 2015.