Toronto Regional Real Estate Board (TRREB) Market Update | 2022 RECAP

A LOOK BACK IN 2022 AND AHEAD IN 2023:  Provided by Richard Robins International

Interest rate hikes have undeniably eased a few scorching hot Canadian seller’s markets (which was needed). Unfortunately, though, we’ve also seen record declines in total sales month-over-month and, in some cases, close to the lowest posted sales numbers in 6 years. 

Since January 2022, the Bank of Canada policy rate experienced 7 different rate hikes, taking us from 0.25 in January to 4.25 in December 2022. The rate announcement is scheduled for January 25th, 2023. 

What can we expect in the coming months of 2023?

Richard believes that we will see inventory levels rise across the board giving buyers more choices – which should, in turn, result in increased sales. This coupled with some time that elapsed helping buyers and sellers climatize to the current interest rate, should pave the way for a balanced market or bordering on a buyer’s market in some cases.

Predictions are tough but there’s one thing that is clear. The numbers all markets experienced in 2020 and 2021 have come to an end (at least for now). 

TORONTO, ON

The Toronto Regional Real Estate Board is reporting a substantial -31.4% decrease in month-over-month sales for December 2022. The average price also slipped -2.6% and now sits at $1,051,216, respectively. TRREB is reporting its fourth consecutive month of declining sales and its second consecutive month of declining average price.

Other TRREB Highlights:

Total sales from January to June (Q1 & Q2) totalled 47,453, falling a staggering -32.47% from the same time period a year prior. Total sales from July to December 2022 (Q3 & Q4) totalled 28,199, falling from 51,863 from Q3 & Q4 totals in 2021, a -45.63% decrease.

Year-over-year, the average price fell by -9.21% in December 2022 to $1,051,216 from $1,157,849 in December 2021.

The ABTeam is here to answer any questions that you might have, please don't hesitate to contact us if you would like a more specific look at your community, your neighbourhood and your housing style, just call us. We are always available to update you personally on current statistics and inventory, and how they are affecting your home’s value.