Conclusion
After a record high in February, the resale market is showing signs of cooling down as all property types have experienced declines in their median resale price in March and into early April. The median price differences of different property types are as follow:
- Freehold townhouses decreased by 22.6%
- Semi-detached houses decreased by 13.5%
- Detached houses decreased by 12.1%
- Condominium decreased by 6.8%
Further evidence of the market slowing down can be found as the Median Aggregated Days on Market, the combined days on market for listings that have been terminated and relisted within one week, has more than doubled since February, while the number of active listings has increased by 76%.
We can also see that this cooldown is not affecting all municipalities equally, with the Township of Brock and the Town of Georgina experiencing the most dramatic drop in median price for Single Family Homes at 29% and 21% respectively, while Toronto’s drop has been less significant at 9%.
The data for April is still coming in but this early data suggests that the high activity and high prices from earlier this year are beginning to stabilize, and the expectation is for a more balanced market moving forward.
As featured in news outlets such as CTV and Toronto Star:
Property website HouseSigma released data on Tuesday showing the median price of a GTA townhome plunged 22 per cent between Feb. 1 and April 19. Condos showed the least sales decline — 6.8 per cent — in the same period, according to HouseSigma. Semi-detached and detached houses tumbled 13.5 per cent and 12.1 per cent, respectively.
https://www.thestar.com/business/real_estate/2022/04/27/home-prices-tumble-across-the-gta-since-february-peak-with-suburban-townhomes-leading-the-pack.html
“We are starting to see significant drops in some communities of more than 20 per cent for single detached homes in the Greater Toronto Area (GTA)” said Michael Carney, the director of business development at HouseSigma.
https://toronto.ctvnews.ca/housing-prices-drop-up-to-22-per-cent-in-the-toronto-area-1.5879275
New findings from real estate tech platform HouseSigma highlight this clear drop in prices.
https://storeys.com/gta-home-prices-cooling-after-red-hot-run/
Since February 2022, the GTA market is showing a 76% increase in available properties for sale, with the median aggregated days on the market for houses sold up 100%; from six days in Feb, to 12 days in April. This is a clear sign that the recently-frenzied market is dialling back the drama.