The Greater Toronto Area of Canada has always allured real estate investors and home buyers to acquire property for business or residence. This attraction has been one of the significant reasons for the movement of property indices in the region. If you are planning to purchase a property in the Greater Toronto Area (GTA) of Canada, you must know about the housing market here. This article intends to provide you with expert-researched insights into the Greater Toronto Area (GTA) Housing Market in November 2022. This will surely help you make the right decision to purchase your property in Canada.
- Most Expensive Housing Market in Greater Toronto Area (GTA)
- Fastest Growing Housing Markets in Greater Toronto Area (GTA)
- Fastest Selling Housing Markets in Greater Toronto Area (GTA)
- Highest Turnover Housing Markets in Greater Toronto Area (GTA)
- Budget Housing Markets in Greater Toronto Area (GTA)
- Frequently Asked Questions (FAQs)
Before delving deep into the data and statistics, let us walk you through the summary of the Greater Toronto Area (GTA) Housing Market in November 2022:
- Prices of properties in the GTA Area went up by 43.1% when compared to that October 2022.
- However, on the quarterly comparison, there is a price decline of 54.7%.
- When compared to November 2021, property prices witnessed a rise of 15.9%.
- Prices of 2bd properties soared as high as 5 times their value in October 2022.
- November 2022 has recorded a growth in Active Property Listings by 40%, but, there has been a decline of sales by 6% as compared to October 2022.
The summary will sound more meaningful to you when you go over the actual figures. Therefore, now let us explore the GTA housing market to help you select the best location in the region for your upcoming housing project or residence.
Most Expensive Housing Market in Greater Toronto Area (GTA)
King, Oakville, Richmond Hill, Caledon, and Mono are the regions in the GTA with the most expensive housing markets. The average price of housing properties in these regions is as follows:
As has become customary in recent months, the King region is leading the way with a well-balanced mix of high- and low-priced properties. The region hosts properties with a sale value of as low as $0.6 million in the Church Street area, whereas, properties in the Dufferin Road of the Rural King areas are going to cost you around $29 million.
For the past few months, the Ontario province’s Whitchurch-Stouffville region has been a new entry. Due to a sudden increase in the asking price of almost 44 percent, this region appears on the list of the top 5 most expensive housing properties in the GTA.
Fastest Growing Housing Markets in Greater Toronto Area (GTA)
Due to the region-wide decline in demand and fall in price, a negative impact is being witnessed on the growth of the housing market in the GTA. Except for the King region, the mean value appreciation of all properties in the region displays a decline. The following are the figures:
Fastest Selling Housing Markets in Greater Toronto Area (GTA)
Ajax, Markham, Pickering, New Market, and Brampton are the fastest-selling housing markets in the GTA. Ajax led the list in the month of October as well, whereas Milton is a new entry in the top 5. Check out the average day on the market of the properties in the mentioned regions below:
|Days in Market||13||15||17||17||18|
This signifies that within 13 days, a property listed in the housing market of Ajax is sold out. One of the reasons that are making Ajax leads the chart is the price of the properties. Numerous factors contribute to a large number of Canadians purchasing properties in Ajax, Ontario. The community offers inexpensive property ownership in addition to beautiful vistas of Lake Ontario, commuter-friendly highways, and several other facilities and services. Ajax is renowned for being quieter than the cities around Toronto that are its neighbors. It offers a range of housing options to accommodate any lifestyle.
Highest Turnover Housing Markets in Greater Toronto Area (GTA)
In this section, there is a shift. In October 2022, Aurora led this chart, whereas New Market was in the 4th position. This month, New Market is leading with a turnover of 64% which is even greater than that of Aurora last month. Markham maintained the second position, although there is an increase in the turnover by almost 3% in November 2022.
Newmarket is a great place for young families and professionals alike because of its close access to the 400 series highway, expansive parks and trails, and reasonably priced housing.
The Town also offers scopes of leisure and cultural activities, public art projects, and heritage and historic preservation initiatives for locals and visitors, such as our Historic Downtown Main Street and the Elman W. Campbell Museum.
Budget Housing Markets in Greater Toronto Area (GTA)
Depending upon your requirements, you must prepare your budget, on which your affordability can be defined. It may be that you are looking for a detached house, a townhouse, or a condo. Let us check on the prices of the housing properties, category-wise to ease out your evaluation process for buying property in the GTA.
|New Tecumseth||Ajax||Bradford West Gwillimbury||Orangeville||Georgina|
|Detached||$888K||$1.0 M||$1.0 M||$834K||$790K|
|Townhouse||$707K||$860 K||$770 K||$672K||$775K|
The locations listed above are the most preferred in the GTA by realtors and home buyers. In the month of November 2022, the pricing trend can be analyzed from the table above. Therefore, if you want to pursue your home purchase process on a budget, then the properties listed in the above table will surely help you.
Therefore, it is highly recommended that you ascertain the reason for your property purchase so that you can find the best deal in the housing market of the Greater Toronto Area.
The following are some of the FAQs related to the housing market in the Greater Toronto Area that may resolve some more of your queries:
Q: How is the Greater Toronto Area housing market?
A: In November 2022, the housing market in the Greater Toronto Area (GTA) witnessed a mixed balance of rise and decline. Strikingly, there is a rise in the price and turnover in the King’s region, whereas, all other regions experience a slight or significant decline. Apart from Kings, housing properties of all other areas of GTA suffered a setback in terms of turnover.
The volume of listings increased to that as it was in October 2022, but the listing-to-sale ratio went down by 6%. You should note that many political and socio-economic factors are creating an impact on the Canadian real estate market and are going to be influenced in the near future as well. The recent announcement of welcoming 5,00,000 immigrants annually to Canada to cope with a labor shortage and aging population is going to cast its spell soon in the Canadian Real Estate market. Keep reading the columns of Swagatham Canada to get all the recent updates on Real Estate and Immigration.
Q. Are prices going down in the Greater Toronto Area housing market?
A. The price of homes in the GTA is up by 12.4% from last year this November. In October 2022, housing prices in the GTA were down 17% year over year. Therefore, this signifies that the rise this month is unable to fulfill the year-over-year losses that were already there. The average home sold price in the GTA has decreased by $245,000 over the last eight months when compared to February 2022’s average sold price of $1,334,544.
Compared to last year, market activity has drastically fallen. In contrast to the 9,783 sales made during the same period last year, there were 4,961 sales in October 2022, a 49% decrease. This sharp decline in Toronto house sales is also 1.5% lower than sales numbers from the previous month.
Q. How is the Greater Toronto Area housing market for First Time Buyers?
A. If you are a first time home buyer in Canada, GTA is relatively a better place to move in for your first dream home. The most important reason behind this is the variety you can get in the designs and architecture of the houses in the region. You will surely find your most preferable type of residence.
Q. How is the Greater Toronto Area housing market for Investors?
A. Because of its strong rates of appreciation, low vacancy rates, and high demand for properly maintained properties, the GTA is generally regarded as a desirable investment location. There are many excellent rental neighborhoods and houses to be discovered, but it’s not as straightforward as claiming that every single property in the region is worthwhile to buy.
Q: Is now a good time to buy or sell property in the GTA?
A: Right now, if you’re considering selling, speak with an agent first. In other neighborhoods, business is still booming, and prices are rising month over month with lots of competition. Many, though, are observing significant decreases in prospective purchasers.
The greatest effect is being seen in areas where home prices are lower since purchasers there are likely to be financing a larger portion of the purchase price, making it more difficult for them to purchase as a result of increased interest rates.
Q. Is it affordable and wise to buy a Condo in the GTA?
A: The popularity of condos comes from the fact that they are priced more competitively than detached homes; for many buyers, they represent the only practical means of entering the housing market, and they haven’t experienced the same price declines as other kinds of properties.
Q: When is the best time to buy property in the GTA?
A: For this, you have to check the market trends and real estate news regularly. Check your budget and the ongoing prices. Whenever you feel it is right to proceed, you may proceed with the property purchase. This process is wise for home buyers, but for the real estate business, you have to be on top of the market updates. Keep visiting this space to get the most accurate GTA real estate market trends.
Q: What if I face a shortage of funds for the housing I selected in GTA?
A: The wisest decision will be to hold on for a few more days until you manage to save the funds required, or wait for a decline in the prices of the housing you are willing to buy. But, if you are in a hurry, you can go for a mortgage. Consult with a financial organization that, based on your credit history, can lend you the amount you are falling short of. You can also go for a second mortgage if you already own a house in Canada. For ex-pats or non-residents in Canada, there is the option of a First-time Home Buyer Incentive.
Q: Within how many days is the purchase process of a house or condo completed in the GTA?
A: There is truly no such thing as a “normal” real estate closing; we’ve witnessed closings that lasted as long as a year. Depending on their respective financial positions and personal circumstances, the buyer and seller decide when they want to close when an offer is made. In Toronto, closings typically take place between 30 and 90 days.