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<\/p>\nTORONTO, ONTARIO, June 3, 2022 \u2013 Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis. \u201cBank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,\u201d said TRREB President Kevin Crigger.<\/p>\n
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GTA REALTORS\u00ae reported 7,283 sales through TRREB\u2019s MLS\u00ae System in May 2022 \u2013 down 38.8 per cent compared to May 2021 and down nine per cent compared to April 2022. The number of new May listings was similar to last year\u2019s level and edged up on a month-over-month basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on a year-overyear basis by 26 per cent. Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4 per cent. The MLS\u00ae Home Price Index Composite Benchmark was also up on a year-over-year basis by 23.9 per cent. On a month-overmonth basis, both price metrics were lower, reflecting more balanced market conditions<\/p>\n
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\u201cPrice trends observed over the past three months \u2013 both in terms of moderating annual growth rates and the recent month-over-month dips \u2013 are in line with TRREB\u2019s forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power,\u201d said TRREB Chief Market Analyst Jason Mercer.<\/p>\n","protected":false},"excerpt":{"rendered":"
TORONTO, ONTARIO, June 3, 2022 \u2013 Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, …<\/p>\n","protected":false},"author":2,"featured_media":257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-251","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates"],"yoast_head":"\n