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Toronto Real Estate Market Update May 2022 – Prices Down $121,000 since February

Jun 21, 2022



#Toronto #TorontoRealEstate #TorontoHousingMarket

Toronto’s real estate market continued to drop in May, down $121,000 dollars since February, as the market rapidly shifts to a buyer’s market. With the benchmark, average and median price of a home in Toronto all falling.

With Toronto prices falling so too is the excitement of home-buyers, with many expressing buyers remorse. Real Estate lawyers are fielding an upsurge in calls from buyers looking to back out of deals, and sellers wondering what to do when buyers back out.

These shifts in buyer behavior are likely to remain as prices continue to correct throughout Canada’s real estate market.

April Toronto Benchmark Home Price – $1,354,000
May Toronto Benchmark Home Price – $1,261,800

February Toronto Average Price – 1,334,544
April Toronto Average Home Price – $1,254,436
May Toronto Average Home Price – $1,212,806

April Toronto Median Home Price – $1,098,000
May Toronto Median Home Price – $1,050,000

April SP/LP – 107%
May SP/LP – 103%

April Months of Inventory – 0.9
May Months of Inventory – 1.0

LINKS:

Market Watch May 2022: https://trreb.ca/files/market-stats/market-watch/mw2205.pdf

Market Watch April 2022: https://trreb.ca/files/market-stats/market-watch/mw2204.pdf

GTA home prices drop $121K from February peak as rising rates gut sales:

https://www.thestar.com/news/gta/2022/06/03/gta-home-prices-drop-121000-from-february-peak-as-rising-rates-gut-sales-report.html

May 2022 home sales down 39% from last year, prices up almost 10%:

Toronto board: https://globalnews.ca/news/8891233/may-2022-home-sales-down-prices-up/

Worry, buyer’s remorse high as real estate market slowdown materializes:

https://ca.finance.yahoo.com/news/worry-buyers-remorse-high-real-080000175.html

Bought a house when the market was hot and now regret it? You’re not alone:

https://www.thestar.com/business/real_estate/2022/05/11/bought-a-house-when-the-market-was-hot-and-now-regret-it-youre-not-alone.html

Mark Mitchell – Mortgage Broker London Ontario
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Originally published at https://www.youtube.com/watch?v=v7OWmJ4xq84

This news story originally appeared at Real Estate - Trend Magazine on 21 June 2022