12/07/2022
November Real Estate Market Update
As the weather gets colder in Toronto, so did the real estate market...
Continuing the trend of the last few months we experienced another 50% drop in sales compared to last year.
Rents and rental rates on the other hand have continued to increase as we go into the winter months.
“Increased borrowing costs represent a short-term shock to the housing market. Over the medium- to long-term, the demand for ownership housing will pick up strongly. This is because a huge share of record immigration will be pointed at the GTA and the Greater Golden Horseshoe (GGH) in the coming years, and all of these people will require a place to live, with the majority looking to buy. The long-term problem for policymakers will not be inflation and borrowing costs, but rather ensuring we have enough housing to accommodate population growth,” said TRREB President Kevin Crigger.
Highlights from the report 👇
📉 50% drop in sales from Nov 21
📈 Active Listings are up nearly 50% from last year but new listings continue to drop
📉 Another slight decrease in the average sales price
📈 Days on market follows the seasonal trend of increasing during the end of the year.
Full video breakdown coming soon!
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Kyle Sutton - Your Modern Agent
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💻 [email protected]
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