Greater Toronto Area Real Estate Update | Sep 2022

Great Toronto Area Real Estate Update | Sep 2022.

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021.

New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

Recent polling by Ipsos Public Affairs for TRREB1 suggests that the public agrees the lack of housing supply is a key issue in the GTA. The poll found that 71 per cent of combined Toronto and ‘905’ regions residents believe that municipalities should focus their efforts on increasing the supply of homes for sale and rent rather than trying to reduce demand for housing.

Ishtiaq Ahmed
Broker
416-999-6975
https://ishtiak.com

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