September 2022 Market Update

Toronto & GTA

The GTA Housing Market continued its adjustment to higher borrowing costs in September 2022.

Sales for September were down by 44.1% compared to September 2021.

New Listings were down year over year by 16.7%. This is the lowest number of new listings reported for month of September since 2002.

The average price dropped by 4.3% to $1,086,762 year over year.

October typically represents the peak the FALL MARKET so it will be important to see where price trends head over the next month.

Number of Sales Over 3 Years

• Sept 2022: 5,038
• Sept 2021: 9,046
• Sept 2020: 10,838

Average Sales Price Over 3 Years

• Sept 2022: $1,086,762
• Sept 2021: $1,136,280
• Sept 2020: $961,613

Bolton

Caledon

Year-over-Year

Muskoka

September 2022 Residential Sales in Muskoka were down by -36% on non waterfront properties and down -50% on waterfront listings year over year.

Sales in the Condo sector were down – 67% in the non- waterfront sector and were down -54% in the waterfront sector this September over last

Total Residential Listings were up by 12% on non waterfront properties and up 1% on waterfront properties compared to September 2021.

Listings priced competitively continue to sell with a median number of days on market of 34 (non waterfront) & 29 (waterfront).

The Muskoka Median Residential sale price was up 1% (non waterfront) and up 18% (waterfront) year over year.

While we are seeing the overall number of sales dropping the sales prices are still slightly up this year over last. While as a Seller you may not see the same frantic activity as earlier in the year and your house may be on the market longer now, the Buyers are still out there but taking a bit more time to do their area research on likely one of the biggest purchases of their life. Now more than ever knowing the true market value of your home is important.