Zoocasa
Sold Prices
Mortgage Calculator
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
Home Canada

Home Prices Flatten But Still Up Compared to Pre-Pandemic 2019 Figures: TRREB

Patti Cosgarea by Patti Cosgarea
November 3, 2022
in Canada, Market Insights, Real Estate News, Toronto Real Estate
4 min read
Zoocasa Toronto Hero
Share
Tweet
Share
0 Shares

The number of new listings and home sales is still down on a monthly and annual basis, but good news for prospective buyers on the sidelines – home prices have flattened. With many waiting for the market to stabilize before making their move, the Toronto Regional Real Estate Board (TRREB) found that prices have remained steady for the past three months after declining in the spring. So, is it finally the right time to enter the market?

Inventory Remains Low But Prices are Holding Steady

4,961 homes traded hands in October, down only 1.5% from September. New listings are also down only slightly from September, although still quite low at 10,390 for all TRREB regions and property types. Figures across the board have flattened, but we are still experiencing historically low numbers, especially in terms of new listings entering the market, which hit the lowest level since 2010 last month. 

  • Read: 5 of the Most Expensive and Affordable Listings in October in the GTA

The average selling price for all home types combined was $1,089,428, down 5.7% from October 2021 but up slightly from September’s average of $1,086,762. Condos are still the stand-out property type in the 416, with no change in average price month-over-month and down only 1.8% year-over-year in Toronto and the Greater Toronto Area (GTA). 

Have We Reached the Bottom, and Will it Be Up From Here?

When comparing figures to previous years, it’s important to remember that there was nothing “normal” about the real estate trends and cycles in 2020 and 2021. 2020 started off with historical lows but was breaking records by the fall, records that were then broken all over again in 2021.

  • Read: A Guide to the Real Estate Cycles for Buyers & Sellers

However, after six rate hikes this year, and compared to the record-breaking year that 2021 was, prices in the detached segment are down 11% and semi-detached properties are down only 6.2%. Townhouses and condos are holding strong in Toronto and the GTA, with townhouse average prices dipping only 3.9% year-over-year, and as mentioned above, condos are still up. If you compare these prices to 2019, we’re still up across the board.

We may have hit the bottom that so many prospective buyers and sellers have been waiting for. So, does that mean it’s all up from here?  “With new listings at or near historic lows, a moderate uptick in demand from current levels would result in a noticeable tightening in the resale housing market in short order. Obviously, there is still a lot of short-term economic uncertainty. In the medium-to-long-term, however, the demand for housing will rebound,” explains TRREB President Kevin Crigger. 

  • Read: These Newcomers to Canada Went from Renters to Buyers in Two Years, Here’s How

The fall and winter are historically the slower months in real estate, and we know many are waiting for the spring, but with demand for housing projected to rebound, buyers should look for the right property instead of waiting for the right time. The same goes for sellers, if you bought prior to 2020, chances are the value of your home has grown and you will make a profit selling. 

So, let’s talk! Our qualified real estate agents are here to help you, no matter where in Canada you’re looking to buy or sell. Download our free Buyer’s or Seller’s Guides and contact us today.

Ready to make your move in the real estate market?
Sign Up for a Free Buyer Consultation
Previous Post

Calgary Sales Numbers Projected to Hit a New Record: CREB

Next Post

Buying or Selling in 2023? Here’s How to Prepare Now

Patti Cosgarea

Patti Cosgarea

Patti is Zoocasa's Public Relations and Content Marketing Manager. Passionate about marketing and digital communication, she creates content to support Canadians throughout their real estate journey. Outside of Zoocasa, Patti can be found renovating her townhouse in Kitchener and exploring Waterloo region by foot or paddle.

Related Posts

Zoocasa Vancouver Hero
British Columbia

The Highs and Lows of British Columbia’s Property Taxes

January 30, 2023
Living Lavish in Toronto Luxury Listings, image of 6547 Wellington County Road 34 viewing the circular driveway and home.
Interesting Homes

Living Lavish in Toronto: Luxury Listings

January 27, 2023
A house faded in the background, focus on a white sign that says, "The Most Expensive and Affordable Cities in 2022". Blog Hero.
Affordability Reports

The Most Expensive and Affordable Cities in 2022: INFOGRAPHIC

January 26, 2023

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

A room undergoing renovations, stripped to the plaster. Supplies and ladders sit in one corner beside a window.

How to Duplex Your Home or Create a Legal In-Law Suite

February 1, 2023
A white picket cross with a hanging sign that says "SOLD" in red.

Most Expensive and Affordable Homes Sold in January 2023

January 31, 2023
Zoocasa Vancouver Hero

The Highs and Lows of British Columbia’s Property Taxes

January 30, 2023
Living Lavish in Toronto Luxury Listings, image of 6547 Wellington County Road 34 viewing the circular driveway and home.

Living Lavish in Toronto: Luxury Listings

January 27, 2023

Featured Listings (Updated Weekly)

Living Lavish in Toronto Luxury Listings, image of 6547 Wellington County Road 34 viewing the circular driveway and home.

Living Lavish in Toronto: Luxury Listings

January 27, 2023

Income Properties Available in Alberta Starting at $499,800

January 20, 2023
490 Drew St. Oshawa - Listed by: THE NOOK REALTY INC., BROKERAGE

The Cheapest Houses For Sale in the GTA For Under $650K

January 17, 2023

Income Properties Available in Ontario Now, Starting from $249,900

January 12, 2023
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Terms of Use | Privacy Policy | Careers | Sitemap | About Us

 

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Stay Connected

1-844-683-4663 | [email protected] 

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
  • Real Estate News
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.