Summer is officially here and we hope you are enjoying the great weather and family holidays. In this month’s market insight we are looking at June sales month-over-month and year-to-date.
Although prices have decreased on a monthly basis, we are still seeing a positive increase when it comes to the average sale price. In Oakville, the year-to-date average price across all home types is $1,693,500 which is a 15.4% increase since last year. In Burlington, the year-to-date average price has increased 21.6% up to $1,301,143, Mississauga +14.6% with $1,168,853, and Toronto had a +13.6% increase and $1,195,412 average sale price.
Average sale prices have been increasing, however the number of units sold in 2022 vs 2021 has significantly decreased. Burlington is -23.6%, Oakville is -38.3%, Mississauga -32% and Toronto -27.4%.
On a monthly basis the market has shown some correction due to increasing cost of borrowing, a slow down in sales and the typical slow down of summer months we normally see due to family vacations and other priorities.
We anticipate continued growth with healthy price increases of 6-10% throughout the remainder of 2022. There is a strong demand for housing due to an influx of immigration. With an increase in inventory, we are heading towards a balanced market. The multiple offer frenzy is not the norm any longer. Properties priced at market value are selling, where overpriced homes are sitting on the market and not selling.
The Real Estate market can be tricky to navigate. Please reach out to us with any questions you have, we would love to hear from you.