{"id":20138,"date":"2022-10-05T15:39:50","date_gmt":"2022-10-05T19:39:50","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=20138"},"modified":"2022-10-05T15:45:17","modified_gmt":"2022-10-05T19:45:17","slug":"trreb-september-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-september-2022\/","title":{"rendered":"No Homes for Sale? The Lowest Number of New Listings in 20 Years: TRREB"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">This fall, the Greater Toronto Area (GTA) housing market is off to a slow start, primarily driven by a lack of supply. According to the Toronto Regional Real Estate Board\u2019s (TRREB) most recent data, prospective buyers and sellers are still adjusting to the <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-sept-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">higher borrowing costs<\/a> announced in September. With another Bank of Canada announcement expected in October, people are still feeling hesitancy about what\u2019s to come next.&nbsp; Here\u2019s what you need to know if you\u2019re considering getting into the market.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sellers: Fewer Listings May Mean More Competition<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The number of new listings has dropped by 16.7% year-over-year to 11,237. This marked the lowest number of new listings reported for the month of September since 2002. In its report, TRREB mentions that the number of new homes in the GTA has increased significantly in the past 20 years, but the supply is not keeping up with the demand. Now with fewer people selling, the market conditions continue to tighten with a potential swing back to seller\u2019s conditions which marked most of the pandemic.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/tips-for-buying-new-construction\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>5 Tips for Buyers When Considering the Purchase of a New Construction Home<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The reality is that many of those currently in the market are motivated buyers and sellers that need to move to a new location, upsize, or downsize. \u201cWith fewer listings and more motivated buyers entering the market, we may see more competition in the coming months if the supply remains tight,\u201d explains Claudio Castro, Managing Broker at Zoocasa.<\/p>\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\/10\/Z1010-Blog-Infographic_TRREB_Sept22-2-478x1024.jpg\" alt=\"\" class=\"wp-image-20139\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_TRREB_Sept22-2-478x1024.jpg 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_TRREB_Sept22-2-140x300.jpg 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_TRREB_Sept22-2-768x1646.jpg 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_TRREB_Sept22-2-717x1536.jpg 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_TRREB_Sept22-2-956x2048.jpg 956w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_TRREB_Sept22-2-scaled.jpg 600w\" 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\/10\/Z1010-Blog-Infographic_COT_Sept22-2-478x1024.jpg\" alt=\"\" class=\"wp-image-20140\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_COT_Sept22-2-478x1024.jpg 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_COT_Sept22-2-140x300.jpg 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_COT_Sept22-2-768x1646.jpg 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_COT_Sept22-2-717x1536.jpg 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_COT_Sept22-2-956x2048.jpg 956w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Z1010-Blog-Infographic_COT_Sept22-2-scaled.jpg 600w\" sizes=\"auto, (max-width: 478px) 100vw, 478px\" \/><figcaption><br><\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Condo Apartments are Still Leading the Pack in Toronto Sales<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Condo apartments have been the most sold property <a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-august-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">each month this year in Toronto<\/a>. \u201cIn March, we saw a spike in sales of detached homes in Toronto, but the 1,098 sales were still less than the 2,141 peak in condo apartment sales,\u201d said Castro. In September, there were 875 sales of condo apartments in Toronto, detached homes were the second most sold property type at 497 sales, and semi-detached and townhouses sales each came in under 200 sales.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/most-expensive-affordable-homes-september\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Most Expensive and Affordable Homes Sold in the September in Toronto and the GTA<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Month-over-month, the average price of condos has grown by 4.4% and is currently $769,058.&nbsp; \u201cCondo sales in Toronto have led the pack all year, and with prices up 3.4% versus September 2021, their current value is still holding better than other property types\u201d.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"548\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Price-vs.-Month-2-750x548.png\" alt=\"\" class=\"wp-image-20141\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Price-vs.-Month-2-750x548.png 750w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Price-vs.-Month-2-300x219.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Price-vs.-Month-2-768x562.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Price-vs.-Month-2-1536x1123.png 1536w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Price-vs.-Month-2-2048x1497.png 2048w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Price-vs.-Month-2.png 600w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Buyers in the 905 are Taking Advantage of the Detached Homes Price Dips<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Although demand for detached homes in Toronto has cooled, in the wider GTA it remains the most in-demand property type. In September, there were 1,837 detached home sales and the average price was $1,310,639, down 9.5% year-over-year. As the demand for detached homes in the GTA increases and prices come down, prospective buyers may experience more competition, especially as some buyers are expediting their home purchase before the next interest rate announcement.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/fear-of-overpaying-aug-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Buyers Suffering from Fear of Over Paying: What\u2019s All the FOOP About?<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">This drop in GTA detached home prices is reflected in the MLS\u00ae Home Price Index (HPI) Composite benchmark, which was down by 4.3% over the same period of time, to $1,086,762.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cHovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,\u201d said TRREB Chief Market Analyst Jason Mercer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the fence about buying or selling? Our real estate agents are here to help you navigate the changing markets in Ontario and across Canada. <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\">Contact us today<\/a> to connect with an agent.<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Considering Getting Into The Market This Fall?<\/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>This fall, the Greater Toronto Area (GTA) housing market is off to a slow start, primarily driven by a lack of supply. According to the Toronto Regional Real Estate Board\u2019s (TRREB) most recent data, prospective buyers and sellers are still adjusting to the higher borrowing costs announced in September. With another Bank of Canada announcement [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":20143,"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":[1111,1160,1113,181],"tags":[],"class_list":["post-20138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-market-insights","category-ontario","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>No Homes for Sale? The Lowest Number of New Listings in 20 Years: TRREB<\/title>\n<meta name=\"description\" content=\"New listings are the lowest they&#039;ve been for the month of September in the GTA since 2002. Read our full report on the Toronto real estate market.\" \/>\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-september-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No Homes for Sale? The Lowest Number of New Listings in 20 Years: TRREB\" \/>\n<meta property=\"og:description\" content=\"New listings are the lowest they&#039;ve been for the month of September in the GTA since 2002. Read our full report on the Toronto real estate market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/trreb-september-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=\"2022-10-05T19:39:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-05T19:45:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2022\/10\/Hero-Blogs-3-2.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Patti Cosgarea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patti Cosgarea\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/trreb-september-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/trreb-september-2022\/\"},\"author\":{\"name\":\"Patti Cosgarea\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/58db069b6f1e63e7b8dc3da91b554892\"},\"headline\":\"No Homes for Sale? 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