Newsflash! Here are the real estate market stats you need to know for August 2022 vs. 2021 home sales in Toronto, Mississauga, Oakville, Burlington 📈
August sold activity represented a month over month increase compared to July both in volume and average price.
Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead.
We’re in a unique market. Some properties are being priced under value again (ie. Toronto condos in a first time buyer price point) with offers held back and selling on multiple offers.
Certain home types are still selling organically on multiple offers based on exclusivity (lack of inventory for sale in specific niche product categories). Opportunity lies in areas that have a lot more selection for buyers, with potential to negotiate on price and terms.
It’s time to buy before the next interest increase.
For those whose purchasing power is impacted by the cost of borrowing (mortgage rates), now is the time to buy while you’re able to benefit from more favourable buying conditions as well as a lower interest rate as they are anticipated to increase again at the end of October.
Here are our notable take away’s from August’s real estate market activity 📑
◻️ Toronto average detached home price was $1,648,298 ⬇️ 1.6% over last year, however up over $125,000 from just one month prior.
◻️ Mississauga average detached home price was $1,521,265 ⬆️ 2.6% over August 2021. Mississauga freehold townhouses lead the way in price growth, up 10.5% over last year.
◻️ Oakville average detached home price was $2,163,399 ⬆️ 10% over August 2021, and up over $100,000 from one month prior.
Check out this incredible increase: Oakville condos up 21% over last year, with an average price at over $1,000,000!
◻️ Burlington average detached home price was $1,326,922 ⬇️ 5% over August 2021. Opportunity here for Buyers as detached homes in Burlington were down approx $100,000 month over month.
Be sure to view the full details of each area within our update, click on each image to view.
Is buying or selling on your mind the Fall season?
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