Toronto

established 1793

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About Toronto

Toronto is Canada’s largest city and a world leader in such areas as business, finance, technology, entertainment, and culture. Its large population of immigrants from all over the globe has also made Toronto one of the most multicultural cities in the world.

The city features an extensive system of underground tunnels and concourses lined with shops, restaurants, and theatres. Through the construction of new housing and mixed-use projects, together with the restoration and rehabilitation of heritage buildings, an extraordinary vitality has been brought to the urban core.

Toronto ranked 7th (tied with Tokyo) of 140 cities in the 2018 Economist’s Livability Survey and 13th (tied with Boston) of 101 cities for best university cities for international students (2019).

market update
market update

Comparative Analysis

  2022 Y/Y M/M
Sales 747 -31.2% -8.2%
New Listings 1,688 -3.5% -17.1%
Average Sale Price $1,737,012 2.2% -9.3%
Median Sale Price $1,375,000 2.6% -8.6%
SNLR* 44.3% -17.8% 4.3%

Source: TRREB Market Watch Report – Summary of Existing Home Transactions (Detached)

*SNLR (Sales-to-New-Listings-Ratio)

  • SNLR at 55% or more indicates a seller’s market; more buyers than properties for sale
  • SNLR between 34% and 54% indicates a balanced market; about the same number of properties for sale as there are buyers
  • SNLR at 35% or less indicates a buyer’s market; more properties for sale than there are buyers
toronto
toronto

June 2022

Higher borrowing costs continued to impact home sales in June 2022. The Toronto Regional Real Estate Board (TRREB) has released its latest market stats, which show a 41 percent decline in sales compared to last year across all housing types. The average selling price, at $1,146,254, remained 5.3 per cent above the June 2021 level, but continued to trend lower on a monthly basis. Month-over-month the average selling price dipped by 5.5 per cent.

While the number of transactions was down year-over-year, the number of new listings was up in most of our service areas. This has provided for an even greater shift into a buyer’s market, resulting in a more moderate annual pace of price growth.

“Our region continues to grow because we attract people and businesses from all around the world. All of these people will require a place to live, whether they choose to buy or rent. Despite the shorter-term impact of higher borrowing costs, housing demand will remain strong over the long-term, as long as we can produce homes within which people can live. Policy makers at all levels need to make this their key goal,” said TRREB CEO John DiMichele.

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