Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,074,754
MoM −$71,500 −6.2% down $71,500, 6.2% versus June 2022 YoY +1.2% up 1.2% versus July 2021
Source: TRREB MarketWatch, July 2022
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
July 2022
In July 2022 the average selling price across the Greater Toronto Area fell 6.2% to $1,074,754 versus June 2022, and sales dropped 24.1% to 4,912, though a summer slowdown is the seasonal norm.
Headline indicators
All TRREB areas · all home types
Median price — The midpoint sale price. Less affected by a few very high or low sales than the average.
$940,000
MoM −$45,000 −4.6% down $45,000, 4.6% versus June 2022 YoY +3.1% up 3.1% versus July 2021
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,157,500
MoM −$47,400 −3.9% down $47,400, 3.9% versus June 2022 YoY +12.9% up 12.9% versus July 2021
Sales — Firm transactions reported through the MLS® System during the month.
4,912
MoM −1,562 −24.1% down 1,562, 24.1% versus June 2022 YoY −47.7% down 47.7% versus July 2021
Dollar volume — Total value of all sales in the month.
$5.28B
MoM −$2,141,655,028 −28.9% down $2,141,655,028, 28.9% versus June 2022 YoY −47.1% down 47.1% versus July 2021
New listings — Properties newly listed during the month.
12,046
MoM −4,301 −26.3% down 4,301, 26.3% versus June 2022 YoY −4.0% down 4.0% versus July 2021
Active listings — Listings available at month end.
15,334
MoM −759 −4.7% down 759, 4.7% versus June 2022 YoY +57.6% up 57.6% versus July 2021
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
19
MoM +4 days +26.7% up 4 days, 26.7% versus June 2022 YoY +26.7% up 26.7% versus July 2021
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
29
MoM +5 days +20.8% up 5 days, 20.8% versus June 2022 YoY +45.0% up 45.0% versus July 2021
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
99%
MoM −1.0 pp −1.0% down 1.0 pp, 1.0% versus June 2022 YoY −4.8% down 4.8% versus July 2021
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
40.8%
MoM +1.2 pp +3.0% up 1.2 pp, 3.0% versus June 2022 YoY −45.5% down 45.5% versus July 2021
Months of inventory — Active listings divided by monthly sales — how long the current stock would take to sell. Computed here, not TRREB’s trend figure.
3.1
MoM +1 +25.6% up 1, 25.6% versus June 2022 YoY +201.2% up 201.2% versus July 2021
The month in 60 seconds
- Across all TRREB areas, new listings dropped 26.3% to 12,046 versus June 2022.
- Across all TRREB areas, sales dropped 24.1% to 4,912 versus June 2022.
- Across all TRREB areas, the average selling price fell 6.2% to $1,074,754 versus June 2022.
- Across all TRREB areas, active listings fell 4.7% to 15,334 versus June 2022.
- Across all TRREB areas, the median selling price fell 4.6% to $940,000 versus June 2022.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
3.1%
Q1 2022
Toronto employment growth
8.3%
June 2022
Toronto unemployment rate
6.1%
June 2022
Inflation (CPI, year-over-year)
8.1%
June 2022
Bank of Canada overnight rate
1.5%
June 2022
Prime rate
4.7%
July 2022
1-year mortgage rate
5.19%
July 2022
3-year mortgage rate
5.64%
July 2022
5-year mortgage rate
6.14%
July 2022
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 2,203 | −809 −26.9% down 809, 26.9% versus June 2022 | $1,362,598 | −$92,304 −6.3% down $92,304, 6.3% versus June 2022 | −3.1% down 3.1% |
| Semi-detached | 474 | −160 −25.2% down 160, 25.2% versus June 2022 | $1,077,750 | −$46,973 −4.2% down $46,973, 4.2% versus June 2022 | +4.9% up 4.9% |
| Att/row/townhouse | 429 | −151 −26.0% down 151, 26.0% versus June 2022 | $997,668 | −$31,309 −3.0% down $31,309, 3.0% versus June 2022 | +5.0% up 5.0% |
| Condo townhouse | 387 | −130 −25.1% down 130, 25.1% versus June 2022 | $799,953 | −$25,494 −3.1% down $25,494, 3.1% versus June 2022 | +6.9% up 6.9% |
| Condo apartment | 1,365 | −313 −18.7% down 313, 18.7% versus June 2022 | $719,273 | −$27,943 −3.7% down $27,943, 3.7% versus June 2022 | +6.6% up 6.6% |
| Link | 38 | +6 +18.8% up 6, 18.8% versus June 2022 | $953,142 | −$94,773 −9.0% down $94,773, 9.0% versus June 2022 | −5.8% down 5.8% |
| Co-op apartment | 7 | −6 −46.2% down 6, 46.2% versus June 2022 | $674,814 | −$49,417 −6.8% down $49,417, 6.8% versus June 2022 | +24.7% up 24.7% |
| Detached condo | 5 | +2 +66.7% up 2, 66.7% versus June 2022 | $885,980 | −$167,353 −15.9% down $167,353, 15.9% versus June 2022 | +2.9% up 2.9% |
| Co-ownership apartment | 4 | −1 −20.0% down 1, 20.0% versus June 2022 | $443,500 | +$21,500 +5.1% up $21,500, 5.1% versus June 2022 | −14.6% down 14.6% |
Average price by home type
13 months to July 2022
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| Jul '21 | 1405478 | 1027895 | 950038 | 748433 | 674490 |
| Aug '21 | 1423807 | 1031580 | 977127 | 764742 | 688568 |
| Sep '21 | 1526465 | 1114696 | 1016269 | 789983 | 708521 |
| Oct '21 | 1540432 | 1151770 | 1085547 | 823017 | 703698 |
| Nov '21 | 1567832 | 1206016 | 1095570 | 826475 | 715104 |
| Dec '21 | 1598735 | 1181046 | 1136657 | 846525 | 711933 |
| Jan '22 | 1741318 | 1312273 | 1221726 | 936264 | 748566 |
| Feb '22 | 1797203 | 1358415 | 1254460 | 963700 | 799966 |
| Mar '22 | 1697396 | 1317048 | 1212542 | 948292 | 808566 |
| Apr '22 | 1628343 | 1259243 | 1119648 | 909207 | 789869 |
| May '22 | 1549498 | 1204893 | 1063177 | 857113 | 770894 |
| Jun '22 | 1454902 | 1124723 | 1028977 | 825447 | 747216 |
| Jul '22 | 1362598 | 1077750 | 997668 | 799953 | 719273 |
Movers this month
Ranked across 54 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Richmond Hill +6.6% up 6.6%
- Toronto E04 +5.2% up 5.2%
- Toronto E02 +2.7% up 2.7%
- Toronto W07 +2.3% up 2.3%
- Toronto C09 +1.3% up 1.3%
Bottom 5
- Toronto C11 −31.1% down 31.1%
- Toronto C06 −27.5% down 27.5%
- Toronto C04 −25.0% down 25.0%
- Toronto W01 −24.6% down 24.6%
- Toronto C02 −23.1% down 23.1%
Sales, month-over-month
Top 5
- Toronto C13 +12.5% up 12.5%
- Whitchurch-Stouffville +10.5% up 10.5%
- Toronto E10 −2.3% down 2.3%
- King −4.8% down 4.8%
- Toronto W10 −6.9% down 6.9%
Bottom 5
- Toronto C11 −67.5% down 67.5%
- Toronto E06 −48.4% down 48.4%
- Toronto C09 −46.7% down 46.7%
- Toronto W04 −44.6% down 44.6%
- Toronto W01 −44.0% down 44.0%
Areas below the sales threshold are excluded — with a handful of sales, a couple of transactions can invent a swing that is not a market move.
Market balance
Sales-to-new-listings and months of inventory, computed from this month’s counts
All TRREB areas
SNLR
40.8%
prior month 39.6%
Months of inventory
3.1
All TRREB areas reads differently on the two balance measures — balanced conditions at 40.8% sales-to-new-listings, but a seller's market at 3.1 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
41.7%
prior month 40.5%
Months of inventory
3.2
City of Toronto (416) reads differently on the two balance measures — balanced conditions at 41.7% sales-to-new-listings, but a seller's market at 3.2 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
40.2%
prior month 39.1%
Months of inventory
3.1
905 total reads differently on the two balance measures — balanced conditions at 40.2% sales-to-new-listings, but a seller's market at 3.1 months of inventory. They measure different things, so the split is worth noting.
These are computed here from the month’s raw counts. TRREB also publishes its own trend-smoothed SNLR and months-of-inventory figures, which are shown separately on the area pages and are not the same measure.
Where I work
Downtown TorontoMidtownScarboroughYork RegionDurham Region
Downtown
$854,760
- Sales
- 430
- SNLR
- 42.4%
- MOI
- 3.5
Aggregated across 2 districts · View →
Midtown
$1,443,216
- Sales
- 190
- SNLR
- 40.9%
- MOI
- 3.7
Aggregated across 6 districts · View →
Scarborough
$899,443
- Sales
- 334
- SNLR
- 42.0%
- MOI
- 2.6
Aggregated across 8 districts · View →
York Region
$1,274,911
- Sales
- 820
- SNLR
- 40.6%
- MOI
- 3.4
Region total · View →
Durham Region
$901,412
- Sales
- 700
- SNLR
- 47.9%
- MOI
- 1.9
Region total · View →
Average price for a multi-district group is weighted by dollar volume, not an average of averages — that would give a district with three sales the same weight as one with three hundred.