October-2022 Housing Report Review
The Toronto Region Real Estate Board (TRREB) has released its October-2022 housing market report, here is a quick review of the report for your benefit.
The Sellers are holding tight onto their properties as a result there were 11.6% lesser new listings in the market compared to last year.
The market felt a squeeze on the overall activity as the total transactions were reduced by almost 50% compared to the same month last year. It saw a negligible increase of 0.1% compared to last month, September, though.
It took almost double the time (83.3% more) for a property to sell. Similarly, Sales to New-Listing took a hit by 35% fewer sales during the period. The average number of days a listing remained in the market saw an increase of 61.5%, from 13 days last year compared to 21 days in October 2022. The Average Selling price saw a further decline of almost 6% compared with the same period last year. It is interesting to note that the Selling price is forming a plateau as there is no change month over month, September-October, this year.
The overall situation for Condominium Sales followed the trend set by the home sales except in price which saw a 4.5% increase compared to last year in Q3. Condo inventory was reduced by 16% compared to Q3-2021 while sales were down by 46.4%. Condos took more time (31.6% increase) to sell which is 25 days compared to 19 days in Q3-2021.
Condo rental inventory saw a squeeze of 17.3% fewer Units available to rent as a result average 1-bedroom apartment rent went up by 20.4%, from $2,061 last Q3 to $2,481, this quarter.
The Commercial sales took a hit by 42.3% while the leasing activity was reduced by 12.7%.
The average Industrial Leasing per square feet rate went up by 20.3% to $13.33/SF, the Average Commercial/Retail by 32.4% to $26.58/SF, and the Average Office Leasing rate saw a 17.5% uptick to $18.81/SF.
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A. Q. Mufti
Your Trusted Realtor in Mississauga, Oakville, Milton and beyond.
