YORK REGION & SIMCOE COUNTY REAL ESTATE MARKET UPDATE FOR MAY 2022

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.

“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase. Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs,” said TRREB President Kevin Crigger.

As I specialize in York Region and Simcoe County, these will be the multiplicities that I will break down for you.

YORK REGION:

Compared to last month, the average sale price in York Region is down 3.99% and the average days on the market has increased to 14 from 12 days.

Overall, this month there were 1,100 sales which is down 10.57% from April when we saw 1,230 sales.

Year over Year the average sales price increased by +5.80%.

The number of units sold decreased by almost 50%, when we saw 2192 sales in May 2021, and the number of days on the market increased by a day from 13 to 14 days.

HERE ARE THE STATS PER HOUSING CATEGORY :

We can see the total price has increased Year over Year based on each housing category.

YORK REGION : CITY OVERVIEW

One of my Newest and Favourite reports is The City Overview. It gives you a further breakdown on the average sale price for each housing category, for each specific area, and where it stands Month over Month and Year over Year.

Do you have any questions about York Region stats?

Please feel free to send me a message, and I will be Happy to answer any questions you may have!

SIMCOE COUNTY:

The average sale price in Simcoe county is up 3.71% from last month, and the average days on the market has increased to 15 from 12 days.

Overall, this month there were 230 sales reported by the Toronto Real Estate Board, which is down 4.96% compared to April when we saw 242 sales.

Year over Year the average sales price increased by +15.71%.

The number of units sold decreased by just over 45%, when we saw 421 sales in May 2021, and the number of days on the market increased to 15 from 12 days.

HERE ARE THE STATS PER HOUSING CATEGORY :

We can see the total price has increased Year over Year based on each housing category.

SIMCOE COUNTY : CITY OVERVIEW

Here is a further breakdown on the average sale price for each housing category, for each specific area, and where it stands Month over Month and Year over Year.