July-2023 Housing Report Review
The Toronto Region Real Estate Board (TRREB) has just released its July 2023 housing market report, and we’ve got a quick review to share with you!
Contrary to common perceptions, total residential transactions rose by 7.8% compared to the same month last year. However, they did decrease by 8.8% when compared to the previous month. The year-over-year Average Selling Price also saw a positive trend, rising by 4.2% from $1,073,213 to $1,118,374. These figures indicate the sentiments of both buyers and sellers in the current market.
The number of new listings hitting the market also saw a healthy increase of 11.5%, rising from 12,294 to 12,712. Additionally, the days a listing remained on the market shortened by 17.2% compared to the same period last year, with properties selling within 24 days, down from 29 days previously.
Buyers and Sellers have come to recognize that higher interest rates are likely to persist for the foreseeable future. However, the recent increase in the overnight bank rate by the Bank of Canada has somewhat shaken confidence in the market. Despite this, there is potential for increased activity and upward price trends if the BOC maintains its rate in its next announcement. Vigilance in monitoring the central bank’s decisions will be key to understanding the market’s trajectory.
Condo sales experienced a remarkable jump of almost 21%, rising from 5,672 to 6,844 units sold. However, there was a slight decline in the selling price by 4.2%, decreasing from $770,539 to $737,868 compared to the same period last year. The market also saw a 13.6% reduction in new condo listings, and properties took longer to sell, with an average of 20 days compared to 15 days last year.
In the condo rental market, we observed a 5.4% increase in total rental units available. Interestingly, despite the higher number of rental units, the average rent for a one-bedroom condo leaped by 11.6%, going from $2,268 to $2,532, largely due to the impact of higher mortgage rates.
On the commercial side, leasing activity saw a significant decline of over 20% year over year. However, the Average Industrial Leasing rate showed a slight improvement of almost 1%. Commercial and Office Leasing rates, on the other hand, experienced a decline of over 26% and about 13%, respectively, largely attributed to the work-from-home environment.
Commercial Sales activity witnessed a significant decrease of nearly 48%, indicating the ongoing challenges in the commercial real estate market.
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A. Q. Mufti
Your Trusted Realtor in Mississauga, Oakville, Milton and beyond.
