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TRREB (Toronto Regional Real Estate Board) Average Single Family Historical Home Prices and trends for Toronto, GTA and Mississauga

The average prices and the number of sales, once again, both were very strong last month. 

This is the report for latest month in real estate sales from the Toronto Regional Real Estate Board and indicates a 'normal' amount of activity and price levels.

Below is the latest release of figures

	Highlights of the latest report from TRREB for the Residential Real Estate Market in the GTA Real Estate Prices DOWN and Sales Volume DOWN - Mississauga and GTA Real Estate Newsletter January 2024 - Issue 01:08 This months Real Estate Update brings more market news from our real estate market here in Mississauga, Toronto and the GTA. Enjoy and I wish you all the best!  Lindsay The average selling price for last month was $1,084,692  (it was $$1,081,736 last month) and this represents a 1.7% increase compared to the same month last year. see graph of prices here The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower. GTA REALTORS® reported 4,236 sales through TRREB’s MLS® System in November 2023 – a six per cent decline compared to November 2022. There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023. The MLS® HPI Composite benchmark was down by 1.7 per cent. On Wednesday June 7, 2023 the Bank of Canada raised its policy interest rate to 4.75%. This decision was influenced by several factors including stronger than expected economic data, a thriving job market, and a persistently high inflation rate. In the announcement, the Bank stated that this rate increase reflects their view that monetary policy was not restrictive enough to bring supply and demand back into balance and bring inflation down to the 2% target. Some economists believe that we may see additional hikes this summer unless there are signs of the Canadian economy cooling off. Some history: During a recent Bank of Canada Rate announcement on Wednesday March 8th 2023 The Bank of Canada held it's benchmark interest rate at 4.5% after 8 consecutive increases. The Bank said it has paused the increases to assess the impact of previous hikes on the economy.  In January 2023 the Bank of Canada raised it's benchmark interest rate to3.75%   Bank of Canada raises borrowing costs for seventh time in a row amid stubbornly high inflation. The Central bank has been raising rates aggressively to rein in sky-high inflation. Since March of 2022, the central bank has raised its key interest rate six consecutive times, bringing it from 0.25 per cent to 4.50 per cent. The current rate is3.75% The Bank Prime rate for most lenders now stands at5.95%   read more about interest rates in Canada Summary of 2023, 2022 & 2021:   The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower. The average selling price for all properties in 2022 reached a new record of $1,189,850 up 8.6% compared to $1,095,333 in 2021. After reaching a peak in February 2022 the average price dropped almost every month thereafter for the remainder of the year. The average selling price for all properties in 2021 reached a new record of $1,095,475 up by 17.8 per cent compared to the average of $929,699 in 2020.   See more at this page about average prices and read the TRREB full price and data report below.
	PRESS RELEASE: Sales & Price Growth Continue last month See the full press release above.   Please refer to this page to see a graph of Average prices and More
	This is the full price and data report from TRREB for last month GTA REALTORS® RELEASE MONTHLY RESALE HOUSING MARKET FIGURES TRREB RELEASES RESALE MARKET FIGURES AS REPORTED BY GTA REALTORS® GTA REALTORS Release December and Year-End 2023 Stats TORONTO, ONTARIO, January 4, 2024 – While the overall demand for housing remained buoyed by record immigration in 2023, more of this demand was pointed at the rental market. The number of Greater Toronto Area (GTA) home sales in 2023 came in at less than 70,000 due to affordability issues brought about by high mortgage rates. “High borrowing costs coupled with unrealistic federal mortgage qualification standards resulted in an unaffordable home ownership market for many households in 2023. With that said, relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024. Lower mortgage rates coupled with a relatively resilient economy should see a rebound in home sales this year,” said new Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce. There were 65,982 home sales reported through TRREB’s MLS® System in 2023 – a 12.1 per cent dip compared to 2022. Despite an uptick during the spring and summer, the number of new listings also declined in 2023. The trend for listings has been largely flat-to-down over the past decade, which is problematic in the face of a steadily growing population. On a seasonally adjusted monthly basis, sales increased compared to November, while new listings declined for the third straight month. The average selling price for all home types in 2023 was $1,126,604, representing a 5.4 per cent decline compared to 2022. On a seasonally adjusted monthly basis, the average selling price edged higher, while the MLS® Home Price Index Composite edged lower. “Buyers who were active in the market benefitted from more choice throughout 2023. This allowed many of these buyers to negotiate lower selling prices, alleviating some of the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, look for tighter market conditions to prompt renewed price growth in the months ahead,” said TRREB Chief Market Analyst Jason Mercer. “Record immigration into the GTA in the coming years will require a corresponding increase in the number of homes available to rent or purchase. People need to have comfort in knowing that they can plan their lives and future with the certainty that they will have the stability of an affordable place to live,” said TRREB CEO John DiMichele.

See the Average Price Cycles from January 1995 to Date - a very interesting cyclical pattern is clearly seen!

See how the historical 1 year mortgage interest rate compares to the 5 year rate

This graph shows the 1989 real estate recession in the GTA and how long it took to recover from the drop in the average price from the peak price in February of 1989 to 2002

Economic Indicators

Statistics Canada, Quarter-over-quarter growth, on an annual basis, Statistics Canada, Year-over-year growth for the most recently reported month, Bank of Canada, Rate from most recent Bank of Canada announcement Bank of Canada, Rates for most recently completed month

Of Mississauga’s 240,660 households, 66,655 or 27.7 per cent were renters in 2016, earning an annual income of $58,272. The average cost of rent and utilities per month for Mississauga renters came in at $1,281 compared to $1,109 for the rest of Ontario.

TRREB (Toronto Regional Real Estate Board) Boundaries Districts and Service Districts and Areas

Notes
1. Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TRREB MLS® System between the first and last day of the month/period being reported.
2. New listings entered into the TRREB MLS® System between the first and last day of the month/period being reported.
3. Active listings at the end of the last day of the month/period being reported.
4. Ratio of the average selling price to the average listing price for firm transactions entered into the TRREB MLS® System between the first and last day of the month/period being reported.
5. Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.
6. Active Listings at the end of the last day of the month/period being reported.
7. Past monthly and year-to-date figures are revised on a monthly basis.
8. SNLR = Sales-to-New-Listings Ratio. Calculated using a 12 month moving average (sales/new listings).
9. Mos. Inv. = Months of Inventory. Calculated using a 12 month moving average (active listings/sales).
10. "Bradford West Gwillimbury" is referred to as "Bradford" and "Whitchurch-Stouffville" is referred to as "Stouffville" in the report

Historic Sales Figures

Next Step in Selling Process

Mississauga MLS Real Estate Properties & MLS.CA Homes for Sale  | All Pages maintained by info@mississauga4sale.com Copyright © Lindsay Schenk., Broker, RE/MAX Realty Specialists Inc., Brokerage, Mississauga, Ontario, Canada L5M 7A1 (905) 828-3434  First created - Tuesday, July 16th, 1996 at 3:48:41 PM - Last Update of this website: Monday, November 11, 2024 9:53 AM
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