𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for May 2022 vs. 2021 home sales in Toronto, Mississauga, Oakville, Burlington
𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐫𝐚𝐭𝐞 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐬 𝐜𝐨𝐮𝐩𝐥𝐞𝐝 𝐰𝐢𝐭𝐡 𝐚 𝐭𝐲𝐩𝐢𝐜𝐚𝐥 𝐬𝐮𝐦𝐦𝐞𝐫 𝐬𝐥𝐨𝐰𝐝𝐨𝐰𝐧 𝐢𝐦𝐩𝐚𝐜𝐭 𝐉𝐮𝐧𝐞 𝐬𝐚𝐥𝐞𝐬 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲.
Despite sales activity softening month-over-month (with certain neighbourhoods and home types being affected more so than others) it’s important to note that 𝙝𝙤𝙢𝙚 𝙫𝙖𝙡𝙪𝙚𝙨 𝙞𝙣 𝙏𝙤𝙧𝙤𝙣𝙩𝙤, 𝙈𝙞𝙨𝙨𝙞𝙨𝙨𝙖𝙪𝙜𝙖, 𝙊𝙖𝙠𝙫𝙞𝙡𝙡𝙚 𝙖𝙣𝙙 𝘽𝙪𝙧𝙡𝙞𝙣𝙜𝙩𝙤𝙣 𝙖𝙧𝙚 𝙪𝙥 𝙖𝙨 𝙘𝙤𝙢𝙥𝙖𝙧𝙚𝙙 𝙩𝙤 𝙩𝙝𝙞𝙨𝙩𝙞𝙢𝙚 𝙡𝙖𝙨𝙩 𝙮𝙚𝙖𝙧.
To compare the month to month stats by home by be sure to go to the post on our feed with the May update.
Here are the detached home values snapshot month over month (May to June 2022):
◻️ Toronto average detached home price down $180,878 from May to June, however up 2.2% over June 2021
◻️ Mississauga average detached home price down $73,036. Up 5.3% year/year
◻️ Oakville average detached home price is flat to last month (only a $1683 difference). Up 2.9% year/year
◻️ Burlington average detached home price up month over month $54,971. Up 10% year/year
𝙒𝙝𝙖𝙩 𝙙𝙤𝙚𝙨 𝙩𝙝𝙞𝙨 𝙩𝙚𝙡𝙡 𝙪𝙨? Based on the average prices there could be opportunity today to buy a detached home in Toronto at a better value. Oakville and Burlington are holding strong, with Burlington up as compared to May – indicating that there is buyer demand!
𝙒𝙝𝙖𝙩 𝙙𝙤𝙚𝙨 𝙩𝙝𝙚 𝙧𝙚𝙨𝙩 𝙤𝙛 𝙩𝙝𝙚 𝙨𝙪𝙢𝙢𝙚𝙧 𝙝𝙖𝙫𝙚 𝙞𝙣 𝙨𝙩𝙤𝙧𝙚? Well, we are also experiencing a typical summer slowdown with many taking time off for holidays whether travelling abroad or enjoying time at the cottage. However, keep in mind those with families and/or ones whose affordability will be impacted for their preferred type home type with the next interest rate increase may be more motivated to buy a home now this season and close on it in time for the school year.
𝐍𝐨𝐰’𝐬 𝐭𝐡𝐞 𝐭𝐢𝐦𝐞 𝐭𝐨 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫 𝐚𝐧 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲. The rental market is really hot right now with properties receiving multiple offers for lease – yes, the tables have turned and Tenants are in competition for homes now in some cases.
Would you like to start investing in real estate and don’t know where to start or what to buy that makes the most sense for your affordability? Get in touch! Let’s chat about your goals and put together a plan to ensure your success in real estate.
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