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

Jun 16, 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, Burlington.

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๐Œ๐จ๐ซ๐ž ๐›๐š๐ฅ๐š๐ง๐œ๐ž๐ ๐ฆ๐š๐ซ๐ค๐ž๐ญ ๐œ๐จ๐ง๐๐ข๐ญ๐ข๐จ๐ง๐ฌ ๐ซ๐ž๐ฌ๐ฎ๐ฅ๐ญ ๐ข๐ง ๐ ๐ซ๐ž๐š๐ญ๐ž๐ซ ๐ง๐ž๐ ๐จ๐ญ๐ข๐š๐ญ๐ข๐ง๐  ๐ฉ๐จ๐ฐ๐ž๐ซ ๐Ÿ๐จ๐ซ ๐๐ฎ๐ฒ๐ž๐ซ๐ฌ.

Sales volume is down, and listing inventory is up as compared to this time last year, almost at par with Aprilโ€™s update depending on the city and property type.ย 

The Bank of Canada rate hikes including the 50-basis point hike on June 1st have indeed affected overall Buyer sentiment as average detached home prices across Toronto, Mississauga, Oakville, and Burlington have dipped month over month, albeit values are up a reasonable amount as compared to May 2021.

As explained in our April 2022 update, the slow-down in selling activity is contributed to a few factors:

โ—ป๏ธ Higher borrowing costs have some Buyers taking a pause from their home search in anticipation of values softening furtherย 

โ—ป๏ธย Purchase capability (budget) may have changed for some Buyers with the higher interest rates, along with the possible impact on the down payment for their purchase if they have an existing property to sell, as their current homeโ€™s value has likely adjusted.

โ—ป๏ธ More inventory on the market = greater selection for Buyers resulting in less competition

 

We are no longer in a Sellerโ€™s market as Buyers are in the driverโ€™s seat regarding negotiating on price and terms. We have noted the market change month over month with home prices down in a short period of time, therefore if selling your home be sure itโ€™s priced sharp otherwise the end result may be less than what could have been if being priced right from the start. The list price strategy should reflect whatโ€™s happening at this time, and in your respective neighbourhood with consideration of the most recent sales activity and competing homes for sale.

Itโ€™s also critical to ensure your home is positioned to be the clear choice to attract a Buyerโ€™s interest. Nowโ€™s the time to take care of those updates youโ€™ve been waiting on to refresh the look and feel of your home. Especially in the kitchen or baths. Consider even a fresh coat of paint or updating appliances. Improvements donโ€™t have to break the bank – go with the ones that will have the most impact. You only get one chance to make a great first impression to set your home apart from the rest.

Be patient with the process as homes are taking longer to sell. In a way, we were spoiled with the market frenzy that once was and should have realistic expectations today. This doesnโ€™t mean that a property wonโ€™t attract a Buyer today or sell for a good price given todayโ€™s market activity if the right elements are in place from the pricing strategy to home staging and distinct marketing.

๐™„๐™› ๐™ฎ๐™ค๐™ชโ€™๐™ง๐™š ๐™ž๐™ฃ ๐™ฉ๐™๐™š ๐™ข๐™–๐™ง๐™ ๐™š๐™ฉ ๐™ฉ๐™ค ๐™—๐™ช๐™ฎ, ๐™ž๐™ฉโ€™๐™จ ๐™–๐™ฃ ๐™ค๐™ฅ๐™ฅ๐™ค๐™ง๐™ฉ๐™ช๐™ฃ๐™š ๐™ฉ๐™ž๐™ข๐™š! ๐™๐™–๐™ ๐™š ๐™–๐™™๐™ซ๐™–๐™ฃ๐™ฉ๐™–๐™œ๐™š ๐™ค๐™› ๐™ฉ๐™๐™ž๐™จ. Even with rising interest rates, they are still lower than they were in the Fall of 2018 when home sales fell to a 10-year low – which also contributed to higher rates and stiffer mortgage rules.ย 

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Whether youโ€™re considering buying or selling itโ€™s important to have a knowledgeable Realtor on your side to help navigate our current market conditions. โฃ

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Get in touch anytime and letโ€™s chat about your goals. โฃ

๐—ช๐—ฒ ๐˜„๐—ผ๐˜‚๐—น๐—ฑ ๐—น๐—ผ๐˜ƒ๐—ฒ ๐˜๐—ผ ๐—ต๐—ฒ๐—น๐—ฝ ๐—ฎ๐—ป๐—ฑ ๐—ฎ๐—ฟ๐—ฒ ๐—ณ๐—ผ๐—ฐ๐˜‚๐˜€๐—ฒ๐—ฑ ๐—ผ๐—ป ๐˜†๐—ผ๐˜‚๐—ฟ ๐˜€๐˜‚๐—ฐ๐—ฐ๐—ฒ๐˜€๐˜€!โฃโฃ