{"id":19562,"date":"2022-07-06T16:49:09","date_gmt":"2022-07-06T20:49:09","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=19562"},"modified":"2022-07-06T16:49:10","modified_gmt":"2022-07-06T20:49:10","slug":"trreb-june-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-june-2022\/","title":{"rendered":"Price Declines Month-Over-Month are Making Homes More Affordable in Certain Regions: TRREB"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-june-2021\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Following last year\u2019s strong summer market<\/span><\/a><\/strong>, sales are down 41% year-over-year in June, but the average selling price for homes in Toronto and the Greater Toronto Area (GTA) remains 5.3% above the June 2021 price, at $1,146,254, and down 14% compared to the all-time high in February of this year of $1,334,544, according to the most recent stats from the Toronto Regional Real Estate Board (TRREB). The MLS\u00ae Home Price Index Composite benchmark reflects this selling price as it was up by 17.9 per cent year-over-year, <a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-negotiating-power-for-buyers\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">only slightly down from May<\/span><\/strong><\/a>. As the average selling price continues to trend lower on a monthly basis, buyers are making deals in more affordable areas, with high demand for townhouses and condominium type homes, in particular.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/cheapest-toronto-condos-for-sale\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">The Cheapest Toronto Condos Currently Listed for Sale Under $600,000<\/span><\/a><\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The number of transactions was down compared to May, but this is a common trend this time of year, whereas the number of new listings remains in line with May, providing more balance in the market and steadying the rate of price growth. In June, there were 1.1 months of inventory in the TRREB region providing more options for buyers than ever before in 2022.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Rising Interest Rates and the Psychological Impact on Home Sales<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Many buyers that can afford the higher borrowing costs are choosing to wait to see how prices change. However, in some areas home prices are going down and buyers may be pleasantly surprised to learn that the growing interest rates may not affect their <a href=\"https:\/\/www.zoocasa.com\/mortgage-calculator\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">monthly payments<\/span><\/strong><\/a> as much as they expected.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/sale-prices-vs-interest-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Sale Prices are Dipping but Interest Rates are Rising: Read About the Impact to Monthly Mortgage Payments (REPORT)<\/span><\/a><\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cHome sales have been impacted by both the affordability challenge presented by mortgage rate hikes and the psychological effect wherein home buyers who can afford higher borrowing costs have put their decision on hold to see where home prices end up. Expect current market conditions to remain in place during the slower summer months. Once home prices stabilize, some buyers will re-enter the market despite higher borrowing costs,\u201d said TRREB President Kevin Crigger.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/07\/Z1007-Blog-Infographic_COT_June22_small.jpg\" alt=\"\" class=\"wp-image-19563\" width=\"478\" height=\"1024\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/07\/Z1007-Blog-Infographic_COT_June22_small.jpg 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/07\/Z1007-Blog-Infographic_COT_June22_small-140x300.jpg 140w\" sizes=\"auto, (max-width: 478px) 100vw, 478px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"478\" height=\"1024\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/07\/Z1007-Blog-Infographic_TRREB_June22_small.jpg\" alt=\"\" class=\"wp-image-19564\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/07\/Z1007-Blog-Infographic_TRREB_June22_small.jpg 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/07\/Z1007-Blog-Infographic_TRREB_June22_small-140x300.jpg 140w\" sizes=\"auto, (max-width: 478px) 100vw, 478px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Housing Demand Will Remain Strong Long-Term&nbsp;<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Prospective buyers and sellers are encouraged not to try to time the market. As Canadians adjust to the new borrowing costs, we expect to see the market begin to level-out and return to more normal levels. \u201cOntarians still need to move &#8211; whether it is for work, school, because of life changes, there is still a pent up demand.\u00a0 With rents at an all time high and only increasing month-over-month, putting those rental payments towards a home of their own will become much more palatable for some as prices start to stabilize at lower values\u201d says Lauren Haw CEO of Zoocasa. Talk to your <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">real estate agent<\/span><\/strong><\/a> and mortgage broker to understand what you can afford in which markets if you\u2019re planning to buy. Sellers are encouraged to get a <strong><a href=\"https:\/\/www.zoocasa.com\/home-appraisal\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">home appraisal<\/span><\/a><\/strong> to understand what their home is worth now and <a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">work with a real estate agent<\/span><\/strong><\/a> to properly price their home based on the market and demand.\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/zoocasa-readers-chose-where-to-buy-real-estate\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Zoocasa Readers Chose Where They Think is the Best Place to Buy Real Estate in 2022<\/span><\/a><\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cOur region continues to grow because we attract people and businesses from all around the world. All of these people will require a place to live, whether they choose to buy or rent. Despite the shorter-term impact of higher borrowing costs, housing demand will remain strong over the long-term, as long as we can produce homes within which people can live. Policy makers at all levels need to make this their key goal,\u201d said TRREB CEO John DiMichele.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Cities with Below Average Prices<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Toronto and the GTA continue to grow in population and there are many cities and regions with prices below the average, leading to a high demand and higher volume of sales. When comparing the sales-to-new-listings ratio (SNLR), we examined some of the more in-demand areas and whether they are favouring sellers or buyers at this time; an SNLR of greater than 60% favours sellers and below 40% favours buyers, as a general rule.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Oshawa<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Demand in <strong><a href=\"https:\/\/www.zoocasa.com\/oshawa-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Oshawa <\/span><\/a><\/strong>remains high as it\u2019s a comparatively affordable city within 60kms to Toronto. With an average price of $814,635, it is 29% lower than the Toronto and GTA average. In the month of June, there were 548 new listings and 288 sales, for a sales-to-new-listings ratio (SNLR) of 67.1%. This indicates that Oshawa is close to a balanced market, but currently still favouring sellers.\u00a0<\/p>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=toronto-on&#038;latitude=43.653226&#038;longitude=-79.3831843&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Toronto%2C%20ON&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Brock<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Cities in Durham region continue to lead the pack with more affordable sales prices month-over-month, and <strong><a href=\"https:\/\/www.zoocasa.com\/brock-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Brock <\/span><\/a><\/strong>is another great example of that. The average price in June was $729,059, 36% below the Toronto and GTA average. It saw 43 new listings come to market, and 17 of them sold, for a SNLR of 60.2%, signaling a balanced market.\u00a0<\/p>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=brock-on&#038;latitude=44.3451011731254&#038;longitude=-79.0977190366382&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Brock%2C%20ON&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Orangeville<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">With an average price of $900,221, homes in the <strong><a href=\"https:\/\/www.zoocasa.com\/orangeville-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Orangeville <\/span><\/a><\/strong>market are priced 21.4% below the Toronto and GTA average. There were 41 sales and 93 new listings, making the SNLR in the city 67.5%, meaning that the Orangeville market is still favouring sellers.<\/p>\n\n\n\n<!-- iframe plugin v.4.5 wordpress.org\/plugins\/iframe\/ -->\n<iframe loading=\"lazy\" src=\"https:\/\/www.zoocasa.com\/team\/listings-widget?rental=false&#038;status=available&#038;slug=orangeville-on&#038;latitude=43.9154571042071&#038;longitude=-80.108566828668&#038;zoom=14&#038;detached=true&#038;semidetached=true&#038;attached=true&#038;townhouse=true&#038;condo=true&#038;bedrooms=0%2B&#038;bathrooms=1%2B&#038;parking-spaces=0%2B&#038;open-house=false&#038;garage=false&#038;pool=false&#038;fireplace=false&#038;waterfront=false&#038;single-family=false&#038;basement-apartment=false&#038;duplex=false&#038;triplex=false&#038;fourplex=false&#038;locker=any&#038;area-name=Orangeville%2C%20ON&#038;include-private-listings=true\" style=\"min-height: 500px;\" width=\"100%\" height=\"500\" scrolling=\"yes\" class=\"iframe-class\" frameborder=\"0\"><\/iframe>\n\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering Getting Into The Market This Summer?<\/div>\n<div class=\"cta-body\">Sign Up for a Free Buyer Consultation<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following last year\u2019s strong summer market, sales are down 41% year-over-year in June, but the average selling price for homes in Toronto and the Greater Toronto Area (GTA) remains 5.3% above the June 2021 price, at $1,146,254, and down 14% compared to the all-time high in February of this year of $1,334,544, according to the [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":19565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[33,181],"tags":[],"class_list":["post-19562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Price Declines Month-Over-Month are Making Homes More Affordable in Certain Regions: TRREB | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Following last year\u2019s strong summer market, sales are down 41% year-over-year in June, but the average selling price for homes in Toronto and the Greater Prices in Toronto and the GTA are Prices in Toronto and the GTA are trending lower on a monthly basis and townhouses and condominiums are in high demand for many buyers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/trreb-june-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Price Declines Month-Over-Month are Making Homes More Affordable in Certain Regions: TRREB | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Following last year\u2019s strong summer market, sales are down 41% year-over-year in June, but the average selling price for homes in Toronto and the Greater Prices in Toronto and the GTA are Prices in Toronto and the GTA are trending lower on a monthly basis and townhouses and condominiums are in high demand for many buyers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/trreb-june-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-06T20:49:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-06T20:49:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/07\/TRREB-hero-blog-June.png\" \/>\n\t<meta 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