The Toronto Regional Real Estate Board (TRREB) has released the housing figures for November 2022. With 4544 sales reported on the local MLS, sales were down 49.4% year-over-year and 8.4% from October.
New listings in November remained low. The 8,880 homes added to the MLS represent an 11.6% decline from the previous year. At month’s end, there were 11,910 active listings, representing a 2.62-month supply heading into December.
This continued lack of supply has largely kept home prices in check since July. The average selling price for November was $1,079,395, down 7.2% since last November and 0.9% from the previous month. Annual average price declines were greater for the more expensive market segments, including detached and semi-detached houses. The MLS Home Price Index (HPI) Composite Benchmark, which serves as a measure of annual inflation in the market, was down 5.5% from November 2021.
Looking at price by housing type, detached homes sold for an average of $1,390,162. This is a year-over-year decrease of 11.3% and a month-over-month increase of 1.3%. The average price for semi-detached homes was $1,039,200 (-13.9% /-3.7%), townhomes showed an average of $900,314 (-6.4% /-2.1%), and the average price of condos was $708,636 (-0.9% /-1.1%).
The average sale took place in 22 days on the market, down from 21 days in October, and at 98% of the listing price.
While activity in the housing market continues to be influenced by the impact of higher borrowing costs, a scarcity of new listings has kept home prices in check since the summer.
If buying or selling real estate is one of your plans for the New Year, or you are simply looking for professional insight on what is happening in your community, please speak to a member of the Harvey Kalles sales team. We are here to help.
From all of us at Harvey Kalles Real Estate, we wish you and your loved ones the very best in health and happiness in 2023!