Toronto: The Greater Toronto Area of Canada has always allured real estate investors and home buyers to acquire property for business or residence. This attraction has been one of the significant reasons for the movement of the property indices in the region. If you are planning to purchase a property in the Greater Toronto Area (GTA) of Canada, you must know about the housing market here. This article intends to provide you with expert-researched insights into the Greater Toronto Area (GTA) Housing Market in October 2022. This will surely help you make the right decision to purchase your property in Canada.
- Most Expensive Housing Market in Greater Toronto Area (GTA)
- Fastest Growing Housing Markets in Greater Toronto Area (GTA)
- Fastest Selling Housing Markets in Greater Toronto Area (GTA)
- Highest Turnover Housing Markets in Greater Toronto Area (GTA)
- Budget Housing Markets in Greater Toronto Area (GTA)
Before delving deep into the data and statistics, let us walk you through the summary of the Greater Toronto Area (GTA) Housing Market in October 2022:
- There is an annual decline of around 7% in the average home selling price in the GTA in October 2022.
- However, a monthly increase of approximately 2% is observed in the average selling price. This indicates that the prices declined more steeply in September 2022.
- New Listings hit the lowest price since the last 20 years
- House sales are down by almost 40% when compared to October 2021 and the decline is of 11% as compared to last month.
- Homeowners are preferring to rent out their property rather than selling them out.
The summary will sound more meaningful to you when you go over the actual figures. Therefore, now let us explore the GTA housing market to help you select the best location in the region for your upcoming housing project or residence.
Most Expensive Housing Market in Greater Toronto Area (GTA)
King, Oakville, Richmond Hill, Caledon, and Mono are the regions in the GTA with the most expensive housing markets. The average price of housing properties in these regions is as follows:
As usual since the last few months, the King region is leading the trail with a very balanced mix of high-priced and low-priced properties. The region hosts properties with a sell value of as low as $0.4 M in the Bernhardt Road area, whereas, properties in the Dufferin Road area is going to cost you around $28 M.
The region Mono of the Ontario province has been a new entry for the past few months. Due to a sudden increase in the asking price by almost 18%, this region appears in the list of top 5 most expensive housing properties in the GTA.
Fastest Growing Housing Markets in Greater Toronto Area (GTA)
Due to the region-wide decline in the demand and fall in price, a negative impact is witnessed in the growth of the housing market in the GTA. Except for Caledon, the mean value appreciation of all properties in the region displays a decline. Following are the figures:
Fastest Selling Housing Markets in Greater Toronto Area (GTA)
Ajax, Markham, Pickering, New Market, and Brampton are the fastest selling housing markets in the GTA. The properties in these regions stay for relatively fewer days on the market as compared to the others. Check out the average day on the market of the properties in the mentioned regions below:
|Days in Market
This signifies that within 13 days, a property listed in the housing market of Ajax is sold out. One of the reasons that is making Ajax lead the chart is the price of the properties. Numerous factors contribute to the large number of Canadians purchasing properties in Ajax, Ontario. The community offers inexpensive property ownership in addition to beautiful vistas of Lake Ontario, commuter-friendly highways, and several other facilities and services. Ajax is renowned for being quieter than the cities around Toronto that are its neighbours. It offers a range of housing options to accommodate any lifestyle.
Highest Turnover Housing Markets in Greater Toronto Area (GTA)
Aurora, Markham, Pickering, New Market and Whitchurch-Stouffville regions of GTA hold property where buyers are ready to pay more than the listing price. It is due to the excessive demand for housing in the region.
Moreover, Aurora is a region surrounded by natural beauties like Lake Ontario in the south and Lake Simcoe in the north. Additionally, being a small city, the cost of living is lesser, yet, the wages are pretty high compared to that. So inhabitants get a lot of scope to make more savings.
Budget Housing Markets in Greater Toronto Area (GTA)
Depending upon your requirements, you must prepare your budget, on which your affordability can be defined. It may be that you are looking for a detached house, a townhouse, or a condo. Let us have a check on the prices of the housing properties, category-wise to ease out your evaluation process for buying property in the GTA.
The locations listed above are the most preferred in the GTA by realtors and home buyers. In the month of October 2022, the pricing trend can be analyzed from the table above. If you want to pursue your home purchase process on a budget, then the properties listed in the above table will surely help you.
Therefore, it is highly recommended that you ascertain the reason for your property purchase so that you can find the best deal in the housing market of the Greater Toronto Area.
The following are some of the FAQs related to the housing market in the Greater Toronto Area that may resolve some more of your queries:
Q1. How is the Greater Toronto Area housing market?
Ans: In October 2022, the housing market in the Greater Toronto Area (GTA) registered a decline in the price. This decline was evident in the major areas like Oakville, Mississauga, New market and Vaughan. These regions also were unable to show any significant turnover, except New Market. This decline is often demonstrating the fall in the demand as well as the decline in the purchasing power of home-buyers. Additionally, the amendments in the mortgage rates as implemented by the Bank of Canada may also be a crucial factor in this fall of prices.
Q2. Are prices going down in the Greater Toronto Area housing market?
Ans: In September 2022, the average home price in the GTA’s housing market experienced some support as a decline in GTA home sales amply demonstrated the housing slowdown that is choking the market. In September 2022, the average home sold price in the Greater Toronto Area (GTA) grew by 0.7% to $1,086,762, reaching a new high. The average home price in GTA has risen for the second month in a row, which may provide some support for the city’s housing market after it has dropped 19% since February 2022. In the month of October 2022, the prices again witnessed a both MoM and YoY decline. So, yes, the prices of housing are going down in the GTA.
Q3. How is the Greater Toronto Area housing market for First Time Buyers?
Ans: If you are a first time home buyer in Canada, GTA is relatively a better place to move in for your first dream home. The most important reason behind this is the variety you can get in the designs and architecture of the houses in the region. You will surely find your most preferable type of residence.
Q4. How is the Greater Toronto Area housing market for Investors?
Ans: Because of its strong rates of appreciation, low vacancy rates, and high demand for properly maintained properties, the GTA is generally regarded as a desirable investment location. There are many excellent rental neighborhoods and houses to be discovered, but it’s not as straightforward as claiming that every single property in the region is worthwhile to buy.
Q5. Is now a good time to buy or sell property in the GTA?
Ans: Right now, if you’re considering selling, speak with an agent first. In other neighborhoods, business is still booming, and prices are rising month over month with lots of competition. Many, though, are observing significant decreases in prospective purchasers.
The greatest effect is being seen in areas where home prices are lower since purchasers there are likely to be financing a larger portion of the purchase price, making it more difficult for them to purchase as a result of increased interest rates.
Q6. Is it affordable and wise to buy a Condo in the GTA?
Ans: The popularity of condos comes from the fact that they are priced more competitively than detached homes; for many buyers, they represent the only practical means of entering the housing market, and they haven’t experienced the same price declines as other kinds of properties.
Q7. When is the best time to buy property in the GTA?
Ans: For this, you have to check the market trends and real estate news regularly. Check your budget and the ongoing prices. Whenever you feel it is right to proceed, you may proceed with the property purchase. This process is wise for home-buyers, but for the real estate business, you have to be on top of the market updates. Keep visiting this space to get the most accurate GTA real estate market trends.
Q8. What if I face shortage of funds for the housing I selected in GTA?
Ans: The most wise decision will be to hold on for a few more days until you manage to save the funds required, or wait for a decline in the prices of the housing you are willing to buy. But, if you are in a hurry, you can go for a mortgage. Consult with a financial organization who, based on your credit history, can lend you the amount you are falling short of. You can also go for a second mortgage if you already own a house in Canada. For expats or non-residents in Canada, there is the option of a First-time Home Buyer Incentive.
Q9. Within how many days is the purchase process of a house or condo completed in the GTA?
Ans: There is truly no such thing as a “normal” real estate closing; we’ve witnessed closings that lasted as long as a year. Depending on their respective financial positions and personal circumstances, the buyer and seller decide when they want to close when an offer is made. In Toronto, closings typically take place between 30 and 90 days.
For more housing market news, please visit our housing market section.