🤩✅🎯 Housing Market Update - July 2022 | Pro Tip

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- The moderation of the greater Toronto area's housing market intensified last month as the region's real estate board found July sales fell 47% from the same time last year and 24% from this past June. Now the Toronto Real Estate Board revealed that last month's 4,912 sales were almost half of the 9,339 homes that changed hands the July before and are an indication that the market is easing from the frenzied pace seen in the first half of the year. Now, the board and real estate agents have attributed much of the moderation to the increased cost of carrying a mortgage after Canada's key interest rate was increased by one percentage point in mid-July making it the largest hike the country has seen in 24 years. Now, the hike in interest rates has encouraged people to rethink their housing intentions. Prospective buyers are holding out for further price drops and brokers and and the buyers anticipate this could materialize in the fall. While sellers are debating making what they can today on their home or waiting for the market to turn in their favor again. Now some sellers are even terminating their listings to take advantage of the hot rental market, while vacancies are dropping and prices are up. The Toronto Real Estate Board found the average home price was $1,075,000 last month, a 1% hike from 1,061,000 in July, 2021. But that is actually a 6% drop from last month, June 2022. So we've seen the larger price drops year over year in the larger home segments with smaller more affordable homes showing a larger price increase year over year. So for example, detached home prices were down 3% on a year over year basis to 1,362,000 last month, okay. A 46% drop in sales. Prices of semidetached homes were up 5% from last July to 1,077,000. Again, sales are down 45%. Town homes, prices crept up 6% to $903,000. And their sales fell by 52%. And condo apartment prices saw a 7% leap from the year before and their sales are also drawn down 48%. The market also saw a drop in new listings coming on the market which amounted to a mere 12,046 new listings last month. Now that's down 4% from a year ago. The Toronto Real Estate Board felt the numbers necessitate government intervention, including boosting new housing supply and reviewing mortgage policies. Who you work with matters.