On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s October 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 October 2022 - as well as specific info on both condo and home prices in the GTA:
Real Estate Market Watch: Residential Transactions
- 4,961 residential home transactions took place in October 2022, down from 9,743 in October 2021 - a decrease of 49.1%.
- When seasonal adjustments are taken into account, there was an 0.2% increase in the number of purchases from September 2022 (5,160) to October 2022 (5,169).
October 2022 Real Estate News: Average Selling Prices
- The average sale price for October 2022 was $1,089,428. This is a decrease of 5.7% over October 2021, when it was $1,155,624.
- The average price for homes in the Greater Toronto Area saw an approximately 0% compared to the previous month (from $1,098, 492 to $1,098,502).
Monthly Market Update: New Listings
- There were 10,390 listings available for October 2022, which is a 11.6% decrease from October 2021 (when there were 11,749).
- The sales-to-listings ratio has decreased by 35% from October 2021, from 83% to 48%.
Real Estate Market Watch for October 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 21 days on the market, which is a 61.5% increase from this month last year (when they spent an average of 13).
Click Here To Read TRREB's October 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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