MARKET STATISTICS | SEPTEMBER 2022
Friday Oct 07th, 2022
LATEST & PREVIOUS MONTHS REAL ESTATE MARKET REPORTS:: https://fuadhomes.com/market-analysis
Average Prices of Detached Homes in September in Comparison to September of 2021:
- Toronto: -9.91% at $1,63M
- Vaughan: -19.17% at $1,53M
- Richmond Hill: +0.36% at $1,90M
- Mississauga: -12.75% at $1,40M
- Markham: -10.79% at $1,66M
- King City: -21.43% at $2,24M
- Newmarket: -1.99% at $1,28M
- Aurora: -17.27% at $1,52M
- Bradford: -6.24% at $1,12M
- Milton: -1.03% at $1,40M
- Stoufville: -26.40% at $1,29M
- Innisfil: -7.00% at $923,000
- Burlington: -2.11% at $1,37M
- Alliston: -6.16% at $870,000
- East Gwillimbury: +2.57% at $1,39M
- Barrie: -9.30% at $817,000
Despite strength in some segments, Toronto-area home sales in September fell 44 per cent compared to last year and 10 per cent from August as the market saw the lowest number of new listings in 20 years.
After a year in which the price of housing skyrocketed, house prices have now plunged back down almost to where they were a year ago.
However, market is starting to stabilize as prices stopped their decline for time being. We are seeing new listings ease, preventing the market from becoming oversupplied and supporting more balanced conditions. There were fewer homebuyers on the market in the month of September. Majority of sellers are also discouraged to list their properties, as they likely won’t fetch as much money as their neighbours did at the beginning of the year.
In my opinion, the shock of interest rate hikes is waning a little bit and people cannot stay on sidelines for so long. The housing market is showing early signs of a turning point. For the past week or two there were more multiple offer presentations happening and more people attending open houses. Contrary to what many are saying, we are not in a buyers market and as of today I would say we are somewhere between sellers and balanced markets. Although media wants people to think the sky is falling, it seems we have already reached or reaching the bottom. Once Spring of 2023 comes, market might turn around.
The market has a real appetite for houses that have been updated and renovated. If you are thinking of selling, but do not know where to start or how to make your home super attractive to potential buyers, please call me. Updates can be done by quality renovators and do not have to be expensive. I have all the sources!
𝙋𝙡𝙚𝙖𝙨𝙚 𝙚𝙢𝙖𝙞𝙡 𝙢𝙚 𝙛𝙤𝙧 𝙖 𝙥𝙚𝙧𝙨𝙤𝙣𝙖𝙡𝙞𝙯𝙚𝙙 𝙨𝙖𝙡𝙚𝙨 𝙧𝙚𝙥𝙤𝙧𝙩 𝗳𝗼𝗿 𝙮𝙤𝙪𝙧 𝙨𝙩𝙧𝙚𝙚𝙩 𝙤𝙧 𝙣𝙚𝙞𝙜𝙝𝙗𝙤𝙧𝙝𝙤𝙤𝙙.
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