11/19/2022
GTA home prices remained relatively stable in October 2022 as the Toronto housing market adjusted to higher interest rates. Average home prices in the GTA saw a slight increase compared to last month but remain below the average prices seen in the previous year, while GTA home sales have dropped significantly.
The average home sold price in the Greater Toronto Area (GTA) increased to $1,089,428 in October 2022, a 0.25% increase compared to last month's average price of $1,086,762. This is the third month in a row that Toronto's average home price has increased every month, and it shows that there has been some support in Toronto home prices after falling 18% since February 2022. However, this might be due to a lower level of new listings that have restricted supply on the market.
Compared to last year, GTA home prices are down 6% year-over-year. That extends the year-over-year losses seen last month, when GTA home prices were down 4% year-over-year for September 2022. Compared to February 2022's average sold price of $1,334,544, the average home sold expense in the GTA has fallen by $245,000 in the past eight months.
Market activity has decreased significantly compared to last year. There were 4,961 sales during October 2022, which is a 49% drop compared to the 9,783 sales during the same period the previous year. This considerable drop in Toronto home sales also comes at 1.5% lower than last month's sales figures.
The GTA's benchmark home price continued its downward march, declining for its seventh consecutive month. The benchmark price for the GTA was $1,098,200 for October 2022, down 1% month-over-month from $1,110,700 in September 2022. Before April 2022, the benchmark price had risen for 19 consecutive months, starting from August 2020 until the peak in the GTA's benchmark home price in March 2022. Even though the GTA's average sold price increased this month, the benchmark home price has extended its monthly decrease.
The average home sold price for the City of Toronto was $1,093,097 for October 2022, a 3% increase from last month's average home sold price of $1,061,876. However, it translates to a 3% decrease year-over-year. That's close to the overall trend in the market, with GTA's average home price declining by 6% year-over-year.