July 2022 GTA market update
Despite the psychological impact of higher borrowing costs and the whispered fear of the “R” word, real estate continued to be a desired commodity with 6,474 homes sold throughout the GTA. While this number was down from last year’s record-breaking stats, it shows the strength of the market and the desire for real estate. With the YTD average price ($1,257,257) being up 15% from December, real estate continues to be a great investment and to be in great demand.
While sales are taking place in all areas and in all price ranges, what has (changed which impacts the average price) is the mix of homes. The average home sale price is based on the homes sold that month. If two houses sold in May at $1 million each then the average price would be $1 million for a home sale in May. If 2 houses sold in June, one for $1 million and one for $500,000, the average price would be $750,000. Due to higher boring rates, more condominiums and townhouses have sold thus lowering the average purchase price.
Here are the statistics that I believe are important. There were 6,474 homes sold last month. That means many people are not afraid to buy. There are only 16,095 homes available for sale, so the listing inventory is approximately 2.5 houses for every buyer, which means we’re in a seller’s market. Last month, throughout the GTA homes sold between 97% and 104% meaning that if you were priced right, within 5% of market value, your home sold in 20 days!
Taking advantage of the current market:
Take advantage of the “fear” created by the media. Remember, it’s just the reporters’ personal fears and opinions that are being expressed, not facts!
Get a mortgage commitment. I can help you lock in a 4-month rate guarantee to protect against rate increases.
Unemployment is low. Immigration continues; It’s a strong economy!
“You have nothing to fear but fear itself” Franklin D Roosevelt
Call me! Full time, committed, knowledgeable and experienced. Let me put the power of the worldwide RE/MAX brand to help you achieve your goals!
Have a great July!
Sincerely your Friends in Real Estate,
Vinay Lakhani & Stephanie Lima