Ontario Housing Market as of July-August 2022

Ontario's housing market is being impacted by a combination of factors, including stricter lending guidelines, higher interest rates and rising mortgage rates.The average price of a home in Ontario decreased 0.5% year-over-year to $831,473 for July-Aug 2022.

Toronto Real Estate Board President and Real Estate Agent In London, Ontario

said "The supply of listings in the GTA has not kept up with demand in many neighborhoods over the past year and this, combined with the fact that home buyers are seeking homes that are more affordable than those currently listed, is creating a challenging situation for buyers in many parts of the region."

Estimates According To Real Estate Agents

We expect home prices will continue to be moderate in the second half of this year as we move through the peak season for buying activity, However, due to sustained listing supply constraints, particularly in condominium apartments and townhouses, home price growth will likely remain modest going forward." Said by a Real Estate Agent In London, Ontario. 

The MLS HPI benchmark was up 0.1% year-over-year to $557,900 for July 2022. The average price of a home in the GTA decreased 0.1% year-over-year to $734,053 for July-Aug 2022.

The number of new listings on TREB's  System was down by 9.4% year-over-year to 4,836 for July-Aug 2022, which is the lowest number of new listings reported since August 2017.Ontario's housing market is being impacted by a combination of factors, including COVID pandemic, mortgage and high interest rates on properties. 

Decline in prices declared by Real Estate Agent In London, Ontario

Home prices showed a flat year-over-year average sold price of $667,000 in July. This was the first time since December 2019 that home prices showed no increase year-over-year.

This is a far cry from what we’ve seen over the past several years. From March to June prices increased by an average of 6% year-over-year. However, the tide has turned and GTA home prices are now showing negative annual growth for the second straight month.

It is worth noting that this continues to be the lowest number of homes sold since February 2015. In addition, GTA housing inventory has increased by 19% year over year to 21 months worth of supply in July.

Home sales in Ontario have been trending downwards since May and this continued in July as well with 16,000 homes sold province wide – a 2% decrease from June and 9% fewer sales than what was recorded in July.