Column Toronto Real Estate Brokerage Royal LePage RES Ltd/Johnston and Daniel Division Toronto REALTORS® Louise Dodd and Jason Dodd
Column Middle Toronto REALTOR® Louise Dodd Toronto REALTOR® Jason Dodd Toronto Real Estate Services Toronto Real Estate for Sale Previous Toronto Real Estate Sales Toronto Real Estate Information and Other Information

August Real Estate Market

Toronto Real Estate Board August MLS sale statistics:

  • GTA single family home sales including condominiums - 5627.
  • Volume - down 34.2%, compared to August 2021 8549 sales.
  • Volume - up 14.8% compared to July 2022 4900 sales.
  • Average price of a GTA single family home - $1,224,216.
  • Up 11.8% from 2021's average price of $1,095,339.

(The GTA is Burlington to Clarington, Lake Ontario to Lake Scugog)

"There are other issues beyond borrowing costs impacting housing affordability in the Greater Golden Horseshoe. The ability to bring on more supply is the longer-term challenge. However, we are moving in the right direction on this front. The strong mayor proposal from the province coupled with the recent commitment from Toronto Mayor John Tory to expand ownership and rental housing options are examples of this. TRREB looks forward to hearing additional initiatives from candidates vying for office in the upcoming municipal elections," said TRREB Chief Market Analyst Jason Mercer.

We track MLS sales daily.

  • November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
  • August 2022 60-90% of central district properties sold for asking or under daily.

(Central districts cover the Lake to York Mills, and the Humber River to Victoria Park.)

The August residential resale market was a slow market and "mixed".

  • Central Toronto freehold inventory was limited.
  • Some properties remain unsold after 2, 3 months or more.
  • Prices are softening and homes take longer to sell. However, there are exceptions depending on neighbourhood and property.
  • Some homes sell in "bidding wars".
  • Price reductions are more common than in the first four months of 2022.
  • The City of Toronto relies heavily on the Toronto land transfer tax and given the big decline in sales volume since June, the city's source of revenue has dropped.
  • Some buyers and some sellers are taking a pause to see how the fall market unfolds.

Average GTA Prices 1990 to 2021

1990
$255,020
2006
$351,941
1991
$234,313
2007
$376,236
1992
$214,971
2008
$379,347
1993
$206,490
2009
$395,460
1994
$208,921
2010
$431,276
1995
$203,028
2011
$465,014
1996
$198,150
2012
$497,130
1997
$211,307
2013
$522,958
1998
$216,815
2014
$566,624
1999
$228,372
2015
$622,120
2000
$243,255
2016
$729,837
2001
$251,508
2017
$822,572
2002
$275,231
2018
$787,865
2003
$293,067
2019
$819,279
2004
$315,231
2020
$929,636
2005
$335,907
2021
$1,095,339
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