According to the Toronto Regional Real Estate Board’s (TRREB) most recent report, there were 4,912 home sales in Toronto and the Greater Toronto Area in July, down by 47% compared to July 2021. New listings were also down by a more moderate 4% on a year-over-year basis in July.
The Real Estate Market is Following Traditional Real Estate Cycles
The trend for sales has followed the more traditional real estate cycles and has experienced an expected dip in July, compared to June. “In a normal year, the real estate market follows cycles where home sales and new listings increase, and other times when they slow,” Zoocasa Managing Broker, Claudio Castro explained. “The dip in sales we’re seeing month-over-month follows the summer trend, as many people are away on holidays or traveling and less involved in the real estate market.”
The Toronto and GTA markets remain balanced compared to July of last year, and as buyers have gained access to more options and bargaining power, it has helped moderate the annual rate of price growth. The average selling price was up 1.2% to $1,074,754, compared to July 2021.
Many Buyers Have Their Sights Set on Condo Apartments
The stand-out property type in Toronto and the GTA is condo apartments. Year-over-year, the average price for the property type in the GTA has grown by 11.9%, the largest year-over-year average price growth of any property type in Toronto and the GTA today. There were 1,365 sales of condo apartments last month in Toronto and the GTA, and the demand is second only to detached properties, which saw 2,203 total sales in July 2022. “In much of 2020 and 2021, buyers lost interest in condo apartments and many had their eyes set on a freehold property, which drove down the price of condos,” Castro continued. “Condo apartments are still the most affordable property type in Toronto and the GTA and as buyers have shifted their focus from properties with backyards and more work-from-home space to affordability, the demand for condos, especially in the GTA, is growing quickly.”
Peel Region and York Region had the most condo apartment sales in the GTA in July, with 154 and 145 sales respectively. This is important for both prospective condo buyers and sellers. These regions are more affordable compared to the City of Toronto, as the average price of a condo apartment in Peel Region last month was $616,876 and in York Region it was $687,843. In Toronto, the average price was $744,092. These markets are worth exploring for prospective buyers shopping for a condo and those that are considering selling should be aware that the demand is high.
Condo Apartments For Sale in Peel Region and York Region
Brampton
There were 26 condo apartment sales in July in Brampton, with an average price of $561,538. The city saw 88 new condo apartment listings enter the market with an average of 23 listing days on market.
Mississauga
The bulk of condo apartment sales in July in Peel Region were in Mississauga. There were 128 sales compared to 357 new listings in July, and the average price was $628,116. Like Brampton, listings averaged 23 days on market.
Aurora
There were just five condo apartment sales in Aurora in July, but demand is high as the average price was $718,650, higher than in Brampton and Mississauga. There were 13 new listings and condo apartments averaged 29 listing days on market.
Markham
The majority of York Region condo apartment sales were in the growing city of Markham. There were 56 sales and 122 new listings. The average sale price was also higher in Markham than in Brampton or Mississauga, at $707,776.
Richmond Hill
The average price of condo apartments in Richmond Hill was $657,752. There were 105 active listings and 29 sales that averaged 22 listing days on market.
Vaughan
One of the more affordable cities for condo apartments in York Region, Vaughan condos had an average price of $690,996. There were 47 sales and 199 new listings that averaged 20 listing days on market.
