Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,086,762
MoM +$7,262 +0.7% up $7,262, 0.7% versus August 2022 YoY −4.4% down 4.4% versus September 2021
Source: TRREB MarketWatch, September 2022
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
September 2022
In September 2022 the average selling price across the Greater Toronto Area held steady at $1,086,762 versus August 2022, and sales dropped 10.5% to 5,038.
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.
$945,000
MoM +$15,000 +1.6% up $15,000, 1.6% versus August 2022 YoY −2.6% down 2.6% versus September 2021
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,110,700
MoM −$13,900 −1.2% down $13,900, 1.2% versus August 2022 YoY +4.3% up 4.3% versus September 2021
Sales — Firm transactions reported through the MLS® System during the month.
5,038
MoM −589 −10.5% down 589, 10.5% versus August 2022 YoY −44.3% down 44.3% versus September 2021
Dollar volume — Total value of all sales in the month.
$5.48B
MoM −$599,241,420 −9.9% down $599,241,420, 9.9% versus August 2022 YoY −46.7% down 46.7% versus September 2021
New listings — Properties newly listed during the month.
11,237
MoM +700 +6.6% up 700, 6.6% versus August 2022 YoY −16.7% down 16.7% versus September 2021
Active listings — Listings available at month end.
13,534
MoM +229 +1.7% up 229, 1.7% versus August 2022 YoY +47.3% up 47.3% versus September 2021
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
23
MoM +1 day +4.5% up 1 day, 4.5% versus August 2022 YoY +64.3% up 64.3% versus September 2021
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
35
MoM +1 day +2.9% up 1 day, 2.9% versus August 2022 YoY +84.2% up 84.2% versus September 2021
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
98%
MoM no change no change versus August 2022 YoY −7.5% down 7.5% versus September 2021
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
44.8%
MoM −8.6 pp −16.0% down 8.6 pp, 16.0% versus August 2022 YoY −33.2% down 33.2% versus September 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.
2.7
MoM +0 +13.6% up 0, 13.6% versus August 2022 YoY +164.4% up 164.4% versus September 2021
The month in 60 seconds
- Across all TRREB areas, sales dropped 10.5% to 5,038 versus August 2022.
- Across all TRREB areas, new listings rose 6.6% to 11,237 versus August 2022.
- Across all TRREB areas, active listings edged up 1.7% to 13,534 versus August 2022.
- Across all TRREB areas, the median selling price edged up 1.6% to $945,000 versus August 2022.
- Across all TRREB areas, the average selling price held steady at $1,086,762 versus August 2022.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
3.3%
Q2 2022
Toronto employment growth
4.7%
August 2022
Toronto unemployment rate
5.9%
August 2022
Inflation (CPI, year-over-year)
7%
August 2022
Bank of Canada overnight rate
2.5%
August 2022
Prime rate
5.5%
September 2022
1-year mortgage rate
5.69%
September 2022
3-year mortgage rate
5.74%
September 2022
5-year mortgage rate
6.14%
September 2022
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 2,334 | −261 −10.1% down 261, 10.1% versus August 2022 | $1,369,186 | −$10,514 −0.8% down $10,514, 0.8% versus August 2022 | −10.3% down 10.3% |
| Semi-detached | 501 | −25 −4.8% down 25, 4.8% versus August 2022 | $1,043,120 | +$44,630 +4.5% up $44,630, 4.5% versus August 2022 | −6.4% down 6.4% |
| Att/row/townhouse | 435 | −89 −17.0% down 89, 17.0% versus August 2022 | $990,242 | +$2,934 +0.3% up $2,934, 0.3% versus August 2022 | −2.6% down 2.6% |
| Condo townhouse | 395 | −16 −3.9% down 16, 3.9% versus August 2022 | $803,964 | +$14,578 +1.8% up $14,578, 1.8% versus August 2022 | +1.8% up 1.8% |
| Condo apartment | 1,317 | −190 −12.6% down 190, 12.6% versus August 2022 | $730,818 | +$19,497 +2.7% up $19,497, 2.7% versus August 2022 | +3.1% up 3.1% |
| Link | 28 | −19 −40.4% down 19, 40.4% versus August 2022 | $974,625 | +$27,919 +2.9% up $27,919, 2.9% versus August 2022 | −10.8% down 10.8% |
| Co-op apartment | 12 | +3 +33.3% up 3, 33.3% versus August 2022 | $491,697 | +$46,538 +10.5% up $46,538, 10.5% versus August 2022 | +17.1% up 17.1% |
| Detached condo | 9 | +3 +50.0% up 3, 50.0% versus August 2022 | $1,055,833 | +$105,000 +11.0% up $105,000, 11.0% versus August 2022 | +12.3% up 12.3% |
| Co-ownership apartment | 7 | +5 +250.0% up 5, 250.0% versus August 2022 | $474,714 | +$40,714 +9.4% up $40,714, 9.4% versus August 2022 | −15.4% down 15.4% |
Average price by home type
13 months to September 2022
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| 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 |
| Aug '22 | 1379700 | 998490 | 987308 | 789386 | 711321 |
| Sep '22 | 1369186 | 1043120 | 990242 | 803964 | 730818 |
Movers this month
Ranked across 55 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto C02 +53.5% up 53.5%
- Toronto C06 +48.6% up 48.6%
- Brock +23.4% up 23.4%
- Toronto W02 +17.3% up 17.3%
- Toronto W01 +16.0% up 16.0%
Bottom 5
- Toronto C13 −16.9% down 16.9%
- Toronto C12 −13.7% down 13.7%
- Toronto C15 −13.3% down 13.3%
- Whitchurch-Stouffville −12.2% down 12.2%
- Uxbridge −11.3% down 11.3%
Sales, month-over-month
Top 5
- Toronto W07 +80.0% up 80.0%
- Toronto W03 +69.6% up 69.6%
- Toronto E01 +54.0% up 54.0%
- Toronto W02 +50.0% up 50.0%
- Toronto E03 +44.2% up 44.2%
Bottom 5
- Toronto C13 −55.1% down 55.1%
- Toronto C12 −52.4% down 52.4%
- Toronto C07 −36.8% down 36.8%
- Toronto W09 −34.4% down 34.4%
- Toronto C14 −28.2% down 28.2%
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
44.8%
prior month 53.4%
Months of inventory
2.7
All TRREB areas reads differently on the two balance measures — balanced conditions at 44.8% sales-to-new-listings, but a seller's market at 2.7 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
38.8%
prior month 50.0%
Months of inventory
3.1
City of Toronto (416) reads differently on the two balance measures — a buyer's market at 38.8% 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.
905 total
SNLR
48.8%
prior month 55.3%
Months of inventory
2.4
905 total reads differently on the two balance measures — balanced conditions at 48.8% sales-to-new-listings, but a seller's market at 2.4 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
$862,610
- Sales
- 372
- SNLR
- 36.4%
- MOI
- 3.5
Aggregated across 2 districts · View →
Midtown
$1,654,172
- Sales
- 207
- SNLR
- 34.0%
- MOI
- 3.5
Aggregated across 6 districts · View →
Scarborough
$884,897
- Sales
- 310
- SNLR
- 47.3%
- MOI
- 2.4
Aggregated across 8 districts · View →
York Region
$1,246,490
- Sales
- 927
- SNLR
- 50.2%
- MOI
- 2.5
Region total · View →
Durham Region
$915,027
- Sales
- 662
- SNLR
- 55.4%
- MOI
- 1.6
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.