TRREB Calls on Municipal Election Candidates to Remain Focused on Addressing Housing Affordability
TORONTO, Oct. 05, 2022 (GLOBE NEWSWIRE) — The Greater Toronto Area (GTA) housing market continued its adjustment to larger borrowing prices in September 2022. Sales for the month reached 5,038, however have been down by 44.1 per cent in comparison with September 2021.
New listings have been additionally down on a year-over-year foundation by 16.7 per cent to 11,237. This was the bottom quantity of new listings reported for the month of September since 2002. This is particularly troublesome provided that the inventory of properties within the GTA elevated markedly over the past 20 years.
Recent polling by Ipsos Public Affairs for TRREB1 means that the general public agrees the dearth of housing provide is a key concern within the GTA. The ballot discovered that 71 per cent of mixed Toronto and ‘905’ areas residents consider that municipalities ought to focus their efforts on rising the provision of properties on the market and hire somewhat than attempting to scale back demand for housing.
“We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,” stated TRREB President Kevin Crigger.
“Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,” stated TRREB CEO John DiMichele.
“Energy audits should be voluntary, a feeling which is supported 73 per cent of Torontonians and 78 per cent of ‘905’ residents recently polled by Ipsos Public Affairs for TRREB. If councils continue to support policies that restrict new home development and existing home listings, such as exclusionary zoning, housing affordability will be severely hampered over the long term, which will also hamper our region’s future growth,” added DiMichele.
The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year foundation by 4.3 per cent. Over the identical interval of time, the common worth dipped by 4.3 per cent to $1,086,762. The common worth was up in comparison with August 2022.
“Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,” stated TRREB Chief Market Analyst Jason Mercer.
To study extra concerning the housing affordability points affecting GTA residents, go to GiveMeOptions.ca
| Summary of TRREB MLS® System Sales and Average Price September 1–30, 2022 | ||||||
| 2022 | 2021 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 1,744 | 1,061,876 | 4,493 | 3,387 | 1,090,422 | 5,958 |
| Rest of GTA (“905”) | 3,294 | 1,099,938 | 6,744 | 5,623 | 1,161,895 | 7,536 |
| GTA | 5,038 | 1,086,762 | 11,237 | 9,010 | 1,135,027 | 13,494 |
| TRREB MLS® System Sales & Average Price by Home Type September 1–30, 2022 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 497 | 1,837 | 2,334 | 1,585,589 | 1,310,639 | 1,369,186 |
| Yr./Yr. % Change | -44.3% | -38.7% | -40.0% | -11.0% | -9.5% | -10.2% |
| Semi-Detached | 180 | 321 | 501 | 1,210,715 | 949,142 | 1,043,120 |
| Yr./Yr. % Change | -44.4% | -35.4% | -39.0% | -7.3% | -4.2% | -6.5% |
| Townhouse | 171 | 659 | 830 | 943,922 | 890,608 | 901,592 |
| Yr./Yr. % Change | -53.0% | -44.5% | -46.5% | 1.3% | -1.4% | -0.9% |
| Condo Apartment | 875 | 442 | 1,317 | 769,058 | 655,117 | 730,818 |
| Yr./Yr. % Change | -51.0% | -49.2% | -50.4% | 3.4% | 3.3% | 3.2% |
| September 2022 Year-Over-Year Per Cent Change within the MLS® HPI |
|||||
| Composite (All Types) | Single-Family Detached | Single-Family Attached |
Townhouse | Apartment | |
| TRREB Total | 4.25% | 1.85% | 3.55% | 7.70% | 13.31% |
| Halton Region | 0.03% | -0.75% | 1.13% | 1.22% | 5.53% |
| Peel Region | 5.30% | 3.39% | 3.78% | 9.30% | 17.57% |
| City of Toronto | 5.21% | 1.20% | 1.79% | 10.71% | 12.52% |
| York Region | 6.74% | 4.48% | 7.86% | 9.03% | 17.72% |
| Durham Region | 1.76% | 1.06% | 1.41% | 7.47% | 15.12% |
| Orangeville | 3.12% | 0.87% | 2.99% | 13.15% | 24.41% |
| South Simcoe County1 | 0.00% | -0.88% | 3.20% | 7.36% | 19.58% |
| Source:Toronto Regional Real Estate Board 1South Simcoe consists of Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth |
|||||
Please observe the methodology used to calculate MLS® HPI has been modified. For extra info, click on HERE.
| Year-to-Date Summary of TRREB MLS® System Sales and Average Price September 2022 | ||||||
| 2022 | 2021 | |||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
| City of Toronto (“416”) | 22,951 | 1,157,553 | 46,268 | 33,744 | 1,047,312 | 51,700 |
| Rest of GTA (“905”) | 39,687 | 1,245,007 | 83,234 | 63,160 | 1,096,182 | 87,930 |
| GTA | 62,638 | 1,212,963 | 129,502 | 96,904 | 1,079,164 | 139,630 |
| YTD TRREB MLS® System Sales & Average Price by Home Type September 2022 | ||||||||||||
| Sales | Average Price | |||||||||||
| 416 | 905 | Total | 416 | 905 | Total | |||||||
| Detached | 6,234 | 21,698 | 27,932 | 1,837,880 | 1,504,878 | 1,579,199 | ||||||
| Yr./Yr. % Change | -30.2% | -38.5% | -36.8% | 8.0% | 12.8% | 12.1% | ||||||
| Semi-Detached | 2,117 | 3,718 | 5,835 | 1,403,395 | 1,095,549 | 1,207,239 | ||||||
| Yr./Yr. % Change | -31.8% | -36.5% | -34.8% | 9.5% | 17.4% | 14.5% | ||||||
| Townhouse | 2,297 | 8,245 | 10,542 | 1,052,511 | 997,078 | 1,009,156 | ||||||
| Yr./Yr. % Change | -38.2% | -37.4% | -37.5% | 13.6% | 17.9% | 16.9% | ||||||
| Condo Apartment | 12,128 | 5,633 | 17,761 | 791,186 | 716,562 | 767,519 | ||||||
| Yr./Yr. % Change | -31.8% | -31.2% | -31.6% | 12.1% | 19.5% | 14.1% | ||||||
Source: Toronto Regional Real Estate Board
| Seasonally Adjusted TRREB MLS® Sales and Average Price1 | |||||||
| Sales | Month-over-Month % Chg. |
Average Price | Month-over-Month % Chg. |
||||
| September ’21 | 9,311 | -1.1% | $1,140,007 | 2.0% | |||
| October ’21 | 9,925 | 6.6% | $1,155,104 | 1.3% | |||
| November ’21 | 9,335 | -5.9% | $1,181,226 | 2.3% | |||
| December ’21 | 8,983 | -3.8% | $1,210,375 | 2.5% | |||
| January ’22 | 8,645 | -3.8% | $1,272,097 | 5.1% | |||
| February ’22 | 9,163 | 6.0% | $1,285,129 | 1.0% | |||
| March ’22 | 7,876 | -14.0% | $1,252,680 | -2.5% | |||
| April ’22 | 6,631 | -15.8% | $1,204,076 | -3.9% | |||
| May ’22 | 6,074 | -8.4% | $1,172,093 | -2.7% | |||
| June ’22 | 5,780 | -4.8% | $1,138,924 | -2.8% | |||
| July ’22 | 5,296 | -8.4% | $1,107,613 | -2.7% | |||
| August ’22 | 5,885 | 11.1% | $1,130,463 | 2.1% | |||
| September ’22 | 5,248 | -10.8% | $1,099,668 | -2.7% | |||
| Source: Toronto Regional Real Estate Board; CREA Seasonal Adjustment. 1 Preliminary seasonal adjustment undertaken by the Canadian Real Estate Association (CREA). Removing regular differences due to the season permits for extra significant evaluation of month-to-month adjustments and underlying developments. |
READ THE FULL REPORT.
___________________________
Notes
1 This Ipsos ballot was commissioned by TRREB. Polling befell between September 12 to September 27, 2022, and was performed on-line through Ipsos’ i-Say panel. There was a complete of n=1002 respondents, n=515 GTA 416 and n=486 from GTA 905. The margin of error with this pattern dimension is +/- 3.5 share factors.
Media Inquiries:
Genevieve Grant, Manager, Public Affairs [email protected] 416-443-8159
The Toronto Regional Real Estate Board is Canada’s largest actual property board with greater than 68,000 residential and business professionals connecting folks, property and communities.
www.trreb.ca/
https://www.facebook.com/groups/trebypn/
https://twitter.com/TheReal_TRREB
https://www.youtube.com/user/TREBChannel
http://www.linkedin.com/company/toronto-regional-real-estate-board/
https://www.instagram.com/thereal_trreb/
https://www.trrebwire.ca/
