The Bank Of Canada seems to be achieving its goal to slow consumer spending to fight inflation. According to The Toronto Real Estate Board Market Report.
When mortgage. rates. Increased this past month, the change had some buyers delay their purchases.
So how did this show up in April's real estate market stats?
We saw a 41.2% decrease in sales from April 2021.
There were 27% fewer sales reported in April 2022 compared to March 2022 (month over month review)
I wasn’t surprised by the April stats. My clients and I have been experiencing this market shift firsthand.
Over the past few months, the market has been changing daily. It's been difficult to navigate. There have been many factors and influences including supply and demand.
I wanted to give you a breakdown of the past few months.
Here's a summary of January, February, March, and April sales.
These stats are from the Peel Region which consists of Brampton, Caledon and. Mississauga. I have also broken down the Brampton market segment separately.
The Peel Region reported 490 detached home sales at an average sale price of $1,779,899. The average number of days on market was 10 days. In that same month, there were 710 new listings. Homes were selling for 112% of the asking price.
Brampton reported 313 detached home sales at an average price of $1,652,088. The average number of days on market was 8 days. In that same month, there were 445 new listings.
Peel Region reported 791 detached home sales. The average sale price was $1,752,303 within 7 days of hitting the MLS. In that same month, there were 1326 new listings. The new listings were almost double what they were in January - the buyer selection improved greatly. Homes were selling for 114% of the asking price.
Brampton reported 460 detached home sales for an average price of $1,608,894 with an average of 6 days on market. 762 new listings on MLS.
Peel Region reported 880 detached home sales. The average sale price was $1,675,480. Days on market increased to 8 days and there were 1874 new listings added to the MLS. Homes were selling for 110% of the asking price.
Brampton reported 460 detached home sales. The average sale price was $1,573,497 which was down by - $78,591.00 compared to the average sale price in January 2022. Days on market continued to be tight with 7 days and 1069 new listings hit the MLS.
Peel Region reported 680 detached home sales. The average sale price was $1,626,029 with average days on. the market being 11. New listings for April 1792. Home were selling for 104% of the asking price.
Brampton reported 368 detached home sales. The average sale price was $1,474,967. Average days on market 10 days. New listings on the MLS 1080. The average detached home sale price in Brampton changed by -$177,121 from the January seller's dream market.
Today's market is still on fire. April homes were selling on average for 104% of the asking price within 10 days.
Buyers if you are looking to get into the market my advice for you is DO IT! Don't wait. The inventory has increased and the selection is amazing. Homes are still selling fast so there is no room to procrastinate.
Sellers' you still WON the lottery, your property value has increased by at least 15% since April 2021. In many areas that increase from April 2021 - April 2022 was more like 20-30% +. We won't know the real-time market value until we take a closer look at your property.
Remember when you are buying and selling in the same market it's a WIN/WIN.
For more information on the sales stats in your area, please reach out anytime. I am more than happy to geek out on the numbers for your property and area anytime.