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2022 Toronto Income Property Market Wrap-up – January to December

Before & After the Interest Rates Shift

An in-depth analysis of sales data in key Toronto neighboorhoods before and after the interest rate increases

It is interesting to look at key areas of the city and see how the income property market has been performing so far this year. As the market turned away from favouring Sellers, we expected these numbers to decline in the second half of this year. Most real estate experts agree that a more balanced market is better overall for everyone.

Here are some sales stats from different neighbourhoods for Jan to July 2022 and then again from August to December thus far. This allows us to compare prices before and after the interest rate shifts. These represent all TRREB MLS with 3 or more kitchens (does not count duplexes or properties with basement apartments):

January to July 2022:

C01 – Downtown Toronto

17 Total Sales

Avg Price: 2,495,818 (108% of asking)

C02 – Annex

9 Total Sales

Avg Price: 2.644,533 (96% of asking)

E01 – Riverdale, Leslieville

7 Total Sales

Avg. Price: 1,762,114 (110% of asking)

E02 – Beaches

8 Total Sales

Avg Price 2,271,875 (99% of asking)

W01 – High Park/Swansea

14 Total Sales

Avg Price 2,431.787 (103% of asking)

W02 – Bloor West Village

22 Total Sales

Avg Price 1,678,718 (104% of asking)

August to December 2022:

C01 – Downtown Toronto

11 Total Sales

Avg Price: 1,694,545 (97% of asking)

C02 – Annex

4 Total Sales

Avg Price: 1,737,500 (93% of asking)

E01 – Riverdale, Leslieville

2 Total Sales

Avg. Price: 1,918,000 (100% of asking)

E02 – Beaches

3 Total Sales

Avg Price 1,642,230 (89% of asking)

W01 – High Park/Swansea

6 Total Sales

Avg Price 1,652,167 (93% of asking)

W02 – Bloor West Village

2 Total Sales

Avg Price 1,455,544 (94% of asking)

As you can see, there have been far fewer income property sales in the second half of the year after the rate hikes began. In most cases, sales are no longer going over asking price in general. Some areas like E01 (with far fewer sales) have actually seen the average prices on triplexes go up. The market is still in transition, and I expect things ought to settle soon. The first few months of 2023 ought to be very telling.

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