𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for April 2022 vs. 2021 home sales in Toronto, Mississauga, Oakville, Burlington
Transaction volume down on a monthly and annual basis, however average home prices are up year over year.
We’ve experienced a slow down in selling activity and it’s contributed to a few factors:
Higher borrowing costs have some Buyers taking a pause from their home search to see if the market will adjust/prices soften.
Purchase capability (budget) may have changed for some Buyers with the higher interest rates, along with possible impact on the down payment for their purchase if they have an existing property to sell, as their current home’s market value may have adjusted.
More inventory on the market = greater selection for Buyers resulting in less competition which had largely impacted previous price growth.
What we are seeing is that even though there is more abundant inventory, many are homes that are not presented well, not as desirable in terms of the overall style, finishes, state of repair, etc.
𝙄𝙛 𝙮𝙤𝙪’𝙧𝙚 𝙖 𝙎𝙚𝙡𝙡𝙚𝙧 𝙞𝙩’𝙨 𝙘𝙧𝙞𝙩𝙞𝙘𝙖𝙡 𝙩𝙤 𝙚𝙣𝙨𝙪𝙧𝙚 𝙮𝙤𝙪𝙧 𝙝𝙤𝙢𝙚 𝙞𝙨 𝙥𝙤𝙨𝙞𝙩𝙞𝙤𝙣𝙚𝙙 𝙩𝙤 𝙗𝙚 𝙩𝙝𝙚 𝙘𝙡𝙚𝙖𝙧 𝙘𝙝𝙤𝙞𝙘𝙚 𝙩𝙤 𝙖𝙩𝙩𝙧𝙖𝙘𝙩 𝙖 𝘽𝙪𝙮𝙚𝙧‘𝙨 𝙞𝙣𝙩𝙚𝙧𝙚𝙨𝙩 – invest in making it more appealing in terms of current aesthetics, and be sure to set it apart from the rest with home staging, superior marketing and presentation.
Have a realistic expectation on price. The list price strategy should reflect what’s happening at this time, not where the market was in January/February 2022.
𝗧𝗵𝗲 𝘀𝗶𝗹𝘃𝗲𝗿 𝗹𝗶𝗻𝗶𝗻𝗴 𝗶𝘀 𝘁𝗵𝗮𝘁 𝗵𝗼𝗺𝗲 𝘃𝗮𝗹𝘂𝗲𝘀 𝗮𝗿𝗲 𝘂𝗽 𝘆𝗲𝗮𝗿 𝗼𝘃𝗲𝗿 𝘆𝗲𝗮𝗿 – so let’s not get caught up in gloom and doom because the sales volume is down.
We are going back to a more balanced market, which is nothing to be afraid of. Homes may take longer to sell, yes. What’s most important is selling for what today’s top dollar would be and to attract a solid, qualified Buyer to ensure a smooth closing.
View the full details of each area within our update swipe or click on each image to view.
Whether you’re considering buying or selling it’s important to have a knowledgeable Realtor on your side to help navigate our current market conditions.
Get in touch anytime and let’s chat about your goals.
𝗪𝗲 𝘄𝗼𝘂𝗹𝗱 𝗹𝗼𝘃𝗲 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗮𝗻𝗱 𝗮𝗿𝗲 𝗳𝗼𝗰𝘂𝘀𝗲𝗱 𝗼𝗻 𝘆𝗼𝘂𝗿 𝘀𝘂𝗰𝗰𝗲𝘀𝘀!