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Toronto and West GTA Real Estate Market Update โ€“ June 2022

Jul 14, 2022 | Market News

๐๐„๐–๐’๐…๐‹๐€๐’๐‡! Here are the real estate market stats you need to know for May 2022 vs. 2021 home sales in Toronto, Mississauga, Oakville, Burlingtonย โฃโฃ

๐Œ๐จ๐ซ๐ญ๐ ๐š๐ ๐ž ๐ซ๐š๐ญ๐ž ๐ข๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž๐ฌ ๐œ๐จ๐ฎ๐ฉ๐ฅ๐ž๐ ๐ฐ๐ข๐ญ๐ก ๐š ๐ญ๐ฒ๐ฉ๐ข๐œ๐š๐ฅ ๐ฌ๐ฎ๐ฆ๐ฆ๐ž๐ซ ๐ฌ๐ฅ๐จ๐ฐ๐๐จ๐ฐ๐ง ๐ข๐ฆ๐ฉ๐š๐œ๐ญ ๐‰๐ฎ๐ง๐ž ๐ฌ๐š๐ฅ๐ž๐ฌ ๐š๐œ๐ญ๐ข๐ฏ๐ข๐ญ๐ฒ.

Despite sales activity softening month-over-month (with certain neighbourhoods and home types being affected more so than others) itโ€™s important to note that ๐™๐™ค๐™ข๐™š ๐™ซ๐™–๐™ก๐™ช๐™š๐™จ ๐™ž๐™ฃ ๐™๐™ค๐™ง๐™ค๐™ฃ๐™ฉ๐™ค, ๐™ˆ๐™ž๐™จ๐™จ๐™ž๐™จ๐™จ๐™–๐™ช๐™œ๐™–, ๐™Š๐™–๐™ ๐™ซ๐™ž๐™ก๐™ก๐™š ๐™–๐™ฃ๐™™ ๐˜ฝ๐™ช๐™ง๐™ก๐™ž๐™ฃ๐™œ๐™ฉ๐™ค๐™ฃ ๐™–๐™ง๐™š ๐™ช๐™ฅ ๐™–๐™จ ๐™˜๐™ค๐™ข๐™ฅ๐™–๐™ง๐™š๐™™ ๐™ฉ๐™ค ๐™ฉ๐™๐™ž๐™จ๐™ฉ๐™ž๐™ข๐™š ๐™ก๐™–๐™จ๐™ฉ ๐™ฎ๐™š๐™–๐™ง.

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):

โ—ป๏ธ Toronto average detached home price down $180,878 from May to June, however up 2.2% over June 2021

โ—ป๏ธ Mississauga average detached home price down $73,036. Up 5.3% year/year

โ—ป๏ธ Oakville average detached home price is flat to last month (only a $1683 difference). Up 2.9% year/year

โ—ป๏ธ Burlington average detached home price up month over month $54,971. Up 10% year/year

 

๐™’๐™๐™–๐™ฉ ๐™™๐™ค๐™š๐™จ ๐™ฉ๐™๐™ž๐™จ ๐™ฉ๐™š๐™ก๐™ก ๐™ช๐™จ? 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!

๐™’๐™๐™–๐™ฉ ๐™™๐™ค๐™š๐™จ ๐™ฉ๐™๐™š ๐™ง๐™š๐™จ๐™ฉ ๐™ค๐™› ๐™ฉ๐™๐™š ๐™จ๐™ช๐™ข๐™ข๐™š๐™ง ๐™๐™–๐™ซ๐™š ๐™ž๐™ฃ ๐™จ๐™ฉ๐™ค๐™ง๐™š? 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.

๐๐จ๐ฐโ€™๐ฌ ๐ญ๐ก๐ž ๐ญ๐ข๐ฆ๐ž ๐ญ๐จ ๐œ๐จ๐ง๐ฌ๐ข๐๐ž๐ซ ๐š๐ง ๐ข๐ง๐ฏ๐ž๐ฌ๐ญ๐ฆ๐ž๐ง๐ญ ๐ฉ๐ซ๐จ๐ฉ๐ž๐ซ๐ญ๐ฒ.ย 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 donโ€™t know where to start or what to buy that makes the most sense for your affordability? Get in touch! Letโ€™s chat about your goals and put together a plan to ensure your success in real estate.

Whether youโ€™re considering buying or selling we are here to help you achieve the best result with exceptional client care. Complete the form below to book a no-obligation consultation.