December is normally the quietest month of the year for real estate.
Average selling price is down 9.2% to $1,051,216
Transaction amount is chopped in half, down 48.2% to 3,117 homes sold
However, new listings are also down 21.3% to 4,074 homes
Rental market on the other hand is on fire:
In GTA, average rent price:
studio - $2,057/month vs. Toronto $2,082/month
1 bed - $2,481/month vs. Toronto $2,510/month
2 bed - $3,184/month vs. Toronto $3,301/month
3 bed - $4,139/month vs. Toronto $$4,356/month
Condominium Sales price by type and price: the only up market compared to 2021.
The average selling price for condominium apartments in Q3 2022 was $720,132 – up 4.5 per cent compared to $689,230 reported for Q3 2021.
2 bedrooms are sold the most with 31% of the transactions, followed by 1 bed+den at 25% and 1 bed at 21%.
Here's a chart for the real estate price since 1994. We are back to 2020 price level.
If you'd like to see 2023 market trend, you can find it here.
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