This Month in York Region Real Estate August 2022
Is The GTA Real Estate Market Still Melting?
There has been a consistent pullback in listing supply for three months, with the biggest drop occurring last month. As we head into the six month of this market shift, some trends have continued and some new trends have emerged! Before we get into the details and trends I want to talk about interest rates for a second.
The rumours that the rate hike cycle will be halted at the September 7th announcement.
FYI – Halting the cycle doesn’t mean there won’t be an increase on Sept 7th. There’s a prediction by this CIBC strategist that we’ll see a 0.75% increase in the overnight lending rate.
However, the September 7th announcement will mention that the tightening will stop.
Therefore resulting in all this discussion about the “halt.”
Nobody can predict what will happen.
I do believe that in 2023 will see an easing interest rate hikes throughout the scheduled announcements.
What does that mean for the market going forward?
It means that as interest rates climb and buyers fall off the map, we don’t have the double-edged sword effect with Sellers increasing inventory.
Which would cause a melting drop on home prices Keeping informed is significant so let’s get into the facts
York Region July 2022 Vs August 2022
1063 homes sold in August vs 821 in July. This was 242 more homes and a 29.5% increase
Average Price was $1,265,628 in August vs $1,237,864 in July. This was an average increase of $27,764 and a 2.2% increase
Average Days on Market was 23 in August vs 20 in July. This was an average increase of 3 days and a 15% increase
Vaughan July 2022 Vs August 2022
260 homes sold in August vs 197 in July. This was 63 more homes and a 32% increase
Average Price was $1,274,395 in August vs $1,285,860 in July. This was an average decrease of $11,465 and a 1.0% decrease
Average Days on Market was 23 in August vs 20 in July. This was an average increase of 3 day and a 15% increase
Looking at Months of Inventory, houses trend downwards below 2 MOI in some areas in York Region (we lived sub 1 month during the peak of the market back in February), so despite rates climbing (and they’re going to go up at least another 0.5% today), home sellers are doing a great job of cutting out the noise and not panic selling their homes.
