Summer recap 2022!⁣

Made to Measure Going Forward. The bank of Canada continues quantitative tightening with another announcement to kick off the Fall market. This year’s fifth hike, up to 75 basis points, equates to a 3.25% interest rate. Potential buyers must now qualify near 7% with the existing stress test measures. These increases and national headlines have our clients asking similar questions; What’s the market temperature check? Who is still buying? What’s the brokers feedback? How are incentives changing? And when should we launch? The reality of our current market is that there isn’t a one-size-fits-all recommendation.

Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month.

TRREB Chief Market Analyst Jason Mercer

July TRREB stats!⁣


416: 477
905: 1,726
Average Price: $1,362, 598
Number of Sales: 2, 203
Decrease per Year: 46.2%

Town House

416: 200
905: 616
Average Price: $903, 899
Number of Sales: 816
Decrease per Year: 51.6%

Condo Apt

416: 963
905: 402
Average Price: $719,273
Number of Sales: 1,65
Decrease per Year: 47.5%

Each project has its unique set of advantages and obstacles, and when appropriately positioned with compelling incentives and pricing packages, success is attainable, even during the dog days of summer. It’s no secret the market is much different than in Q1 2022. The current purchaser climate is rapidly transforming and the industry needs to adjust accordingly.

August TRREB stats!⁣


Sales Activity


Average Price


New Listings


International Projects




Industry Awards Since 2oo3


Years in the Making




Billion in Sales


Team Members Trained in the Milborne Method


Units Marketed and Sold

September TRREB stats!⁣


416: 497
905: 1,837
Average Price: $1,369, 186
Number of Sales: 2, 334
Decrease per Year: 40.0%


416: 171
905: 659
Average Price: $901, 592
Number of Sales: 830
Decrease per Year: 46.5%

Condo Apt

416: 875
905: 442
Average Price: $730,818
Number of Sales: 1,317
Decrease per Year: 49.2%

Though today’s pace is unlike what the market experienced over the last five years, the cycle continues as “what goes up, must come down”, and interest rates are no exception. Luckily, with nearly five decades of industry knowledge at Milborne Group, we successfully support clients in navigating through these cycles with unmeasurable insight that only experience can offer. Stay in tune with us for more market updates.

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