I can't believe how quickly the year has gone by, and I hope you take a moment to reflect on what 2022 has meant for you. In the real estate world, 2022 was full of highs and lows! Despite that, it is clear that the demand for housing in our city is unwavering, and many see the value in buying real estate.
Here is a quick update based on last month's numbers.
Toronto:
- Average sale price in Toronto is $1,145,933, similar to last month and up 8% compared to last year's average of $1,096,736 - Sales have dropped by 35% and active listings are up by nearly 50% with 11,910 places available for sale at the end of November - Despite a drop in sales, we are still in a sellers market with under 3 months of inventory available, keeping prices steady
Toronto Condos:
- Condo prices remain stable with only a 1.5% dip compared to last November, and the average condo price in the core is $734,797
- Sales have dropped by up to 55% for Toronto condos
What do these stats this mean for you? Here are some specifics based on your position in the market:
Buyers:
If you're feeling frustrated about the lack of options available, you are not alone. Buying today means you have 50% fewer options than you did at this time last year, making it hard to jump in, even if you want too. You'll find the most inventory available in the condo segment, and despite what you may hear on the news, well marketed and well priced properties are moving quickly, so when you see a place you like, don't hesitate! Remember to get re-approved with each interest rate hike so that you are ready to when the right property comes along.
Sellers:
Despite another interest rate hike this week, the Bank of Canada did indicate that they may not increase rates at the end of January, which may sway consumer behaviour. As soon as buyers feel like we are at the "bottom" of rate hikes and prices, many will spring into action. If you're planning to sell your home in the new year, prepare now so that you can go to market when the opportunity arises.
Renters:
Though rents are at an all time high, we have seen a slight softening in the last month or two, and the holidays are a slower time. If you are making a move, try to do so between now and the spring. Your location, timeline and goals will drastically impact your real estate decisions. There isn't a "one size fits all" solution, and I am here to assist in determining the best option for you. Wishing you a happy and healthy holiday. Thank you for your continued support, and for making 2022 the best year yet!
___________
#torontorealestate #torontorealtor #propertygoals #realestatetips #torontobuyorsell #torontohousingmarket #torontofirsttimehomebuyer #firsttimehomebuyer #emotionalhomebuying #forsaletoronto #torontoproperty
Rescue Dog Mom & Volunteer đ
Award Winning Toronto REALTORÂŽ
I Love First Time Home Buyers đ
Comments