Toronto Housing Market Report

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Market Report Summary for July 2022
Updated August 5th, 2022
  • The average home sold price in the Toronto area increased 1% year-over-year to $1,074,754 for July 2022.
  • Tumbling Toronto home prices can be seen with a nearly 20% drop in average sold prices over the past five months.
  • Detached home's average price decreased by 3% year-over-year to $1.36M.
  • Semi-detached home's average price increased by 5% year-over-year to $1.08M.
  • Freehold townhouse's average price increased by 5% year-over-year to $998k.
  • Condo apartment's average price increased by 7% year-over-year to $719k.

Greater Toronto Area (GTA) Housing Market Overview

Data for July 2022
Avg. Sold Price:$1,074,754
All Property Types:$1,074,754
Freehold Townhouse:$997,668
Condo Apartment:$719,273
Transactions (Buy/Sell):4,912
All Property Types:4,912
Freehold Townhouse:429
Condo Apartment:1,365
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Toronto housing prices continue to fall as the housing market reacts to higher interest rates and increased borrowing costs. The average home sold price in the Greater Toronto Area (GTA) fell for the fifth straight month in July 2022 on a month-over-month basis, decreasing to $1,074,754, which is down 6% compared to last month’s average sold price of $1,146,254 in June 2022.

This considerable 6% monthly decrease in prices follows up on a 5.5% monthly decrease last month, and means that Toronto housing prices are almost 20% lower compared to the peak in home prices back in February 2022. That takes close to $260,000 off the average home sold price in the GTA in just five months. Compared to last year, prices are still up 1% year-over-year. However, Toronto’s housing market may soon see negative annual price growth over the coming months.

Meanwhile, home sales have collapsed as housing demand dries up. There were 4,912 home sales in the GTA during the month of July 2022. GTA home sales are down by over 48% compared to last year, and down 24% compared to last month.

The MLS Home Price Index (HPI) Benchmark Price for the GTA was $1,157,500 for July 2022, down 4% month-over-month from $1,204,900 in June 2022. This is the fourth month in a row that the GTA's benchmark home price has decreased month-over-month. Prior to April 2022, the benchmark price had risen for 19 consecutive months starting from August 2020 until the peak in the GTA’s benchmark home price in March 2022.

The average home sold price for the City of Toronto was $1,019,100 for July 2022, a stunning 12% decrease compared to last month’s average home sold price of $1,152,175. It also translates to a meager 0.25% increase year-over-year.

In other areas of the GTA, Mississauga’s average home price for July 2022 was $1,068,804, up 11% year-over-year and down 2% month-over-month. Brampton’s average home price was $1,027,535 for July 2022, up 2% year-over-year and down 3% month-over-month.

Oakville home prices have increased by 8% year-over-year to $1,524,237, up 6% from last month, while Markham home prices decreased 2% year-over-year to $1,233,512, down 8% from last month. Vaughan home prices are up 3% year-over-year to $1,285,860. Some areas of the GTA housing market have started to see an annual decline in average sold prices, while other areas continue to see year-over-year price growth.

Breaking down the GTA’s average home prices into property types for the month of July 2022, the average price of detached homes was $1,362,598, down 3% compared to last year. That’s also a monthly decrease of 6% compared to June 2022’s average detached home price of $1,454,902. The average sold price of a detached home peaked at $1,797,203 back in February 2022. This means that detached home prices in the GTA have since fallen by 24% in the past five months, a decline of over $434,600.

The average price of semi-detached homes in the GTA was $1,077,750, down 4% from last month and up 5% year-over-year. The average price of freehold townhouses was $997,668, up 5% year-over-year. This is the first time that the average freehold townhouse price has been below $1 million since August 2021. Condo townhouses had an average price of $799,953 and a 7% annual gain. For condos, the average price was $719,273, up 7% year-over-year.

Prices for detached homes have seen the largest decreases this year, while prices for less expensive property types, such as townhouses and condos, have held onto more of their annual price gains.

The average sold price for July 2022 was 99% of the average listing price, down from the 100% ratio seen in June 2022 and from the 104% ratio seen last year in July 2021. This means that the average home in Toronto was sold for less than its listing price this month, with the average not being sold over asking.

The number of sales was down significantly in Toronto's housing market in July 2022, while the region saw a considerable gain in active listings on a year-over-year basis. 4,912 homes were sold in July 2022, a 47% decrease compared to the over 9,000 homes sold in July 2021. New listings are down 4% year-over-year to 12,046, while the number of active listings is up 58% year-over-year.

Toronto’s sales to new listings ratio (SNLR) 12-month moving average dropped to 59.5% in July 2022 from 62% in June 2022. This is due to plummeting sales activity while new listings stay relatively constant. For the month of July 2022 alone, the SNLR was 41%. Having an SNLR above 70% signals a seller’s market. This month’s SNLR shows that Toronto’s real estate market is rapidly moving towards a more balanced market. Average listing days on market were 19 days in July 2022, increasing from 15 days in July 2021.

The expansion of the CMHC First-Time Home Buyer Incentive in 2021 likely provided a short-term boost to condos in the Toronto region. First-time home buyers in the Toronto CMA spanning from Oakville to Oshawa, as well as the Vancouver and Victoria CMAs, are eligible to borrow 5% or 10% of a property's price from the Federal government for their down payment interest-free. The expansion increased the maximum household income limit from $120,000 to $150,000 and the total borrowed amount from 4x household income to 4.5x household income, which increased the home price limit from approximately $500K to more than $700K. However, usage of this program has been low amongst first-time homebuyers in Canada.

In addition, the CMHC decreased their standards for insured mortgages in 2021. This reverses the increase in standards set in 2020 and drops required credit scores from 680 to 600. This change also increases GDS and TDS ratio limits to 39% and 44% from 35% and 42%, respectively.

However, the Office of the Superintendent of Financial Institutions (OSFI) and the Department of Finance Canada also raised the benchmark mortgage stress test rate in 2021 for both insured and uninsured borrowers from 4.79% to 5.25%, limiting affordability for marginal buyers.

Mortgage rates have risen from their 2020 lows and are expected to rise further this year. The first rate hike by the Bank of Canada occurred on March 2, 2022, followed up by a series of aggressive hikes that may continue well into late this year. This will cause Toronto mortgage rates to rise and lead to a drop-off in housing demand.

Home Prices in Toronto

Single-Family Detached Home Prices in the GTA

Statistics for July 2022
Average Price: $1,362,598-3.1% from Jul. 2021
Units Sold: 2,203-46.5% from Jul. 2021
New Listings: 5,4965.7% from Jul. 2021

Semi-Detached Home Prices in the GTA

Statistics for July 2022
Average Price: $1,077,7504.9% from Jul. 2021
Units Sold: 474-45.4% from Jul. 2021
New Listings: 878-11.5% from Jul. 2021

Freehold Townhouse Prices in the GTA

Statistics for July 2022
Average Price: $997,6685.0% from Jul. 2021
Units Sold: 429-49.7% from Jul. 2021
New Listings: 950-4.7% from Jul. 2021

Condo Prices in the GTA

Statistics for July 2022
Average Price: $719,2736.6% from Jul. 2021
Units Sold: 1,365-47.8% from Jul. 2021
New Listings: 3,652-13.0% from Jul. 2021

Greater Toronto Area Housing Market Statistics for All Property Types

Data for July 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Condo Apartments

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Market Overview for Detached Homes

Data for July 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price


Market Overview for Semi-Detached Homes

Data for July 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price


Market Overview for Freehold Townhouses

Data for July 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price


Market Overview for Condo Apartments

Data for July 2022
Avg. Sold Price
Monthly change
Quarterly change
Annual change
Transactions (Buy/Sell)
Monthly change
Quarterly change
Annual change

Average Sold Price


Greater Toronto Area (GTA) Breakdown by Region

Data for July 2022
Average Sold Price
1-Year Change
#1Halton Region$1,253,4587.0%
#3Halton Hills$1,193,08910.5%
#6Peel Region$1,066,9735.8%
#10York Region$1,274,9110.2%
#12East Gwillimbury$1,160,573-14.0%
#17Richmond Hill$1,443,0557.5%
#20Durham Region$901,412-1.0%
#29Dufferin County$887,59217.6%
#31Simcoe County$927,370-2.6%
#33Bradford West Gwillimbury$1,038,781-2.7%
#36New Tecumseth$855,200-0.7%
#38Junction-Triangle-Wallace Emerson-Bloor West Village-High Park North$1,209,2094.9%
#39Rockcliffe-Smythe-Corso Italia-Davenport-Keesdale-Eglington West$891,667-6.2%
#40Yorkdale-Glen Park-Weston-Briar Hill-Belgravia$859,122-0.3%
#41Blackcreek-York University$875,7697.8%
#44Etobicoke Centre$973,6922.1%
#45Kingsview Village-Richview-Humber Heights-Westmount$813,211-23.5%
#46Etobicoke North$849,7049.0%
#47Bay Street Corridor-Little Italy-Trinity-Bellwoods-Little Portugal-Dufferin Grove$881,2684.8%
#48Annex-Wychwood-Casa Loma-Deerpark-Davenport-Yorkville$1,633,249-0.6%
#49Yonge-Eglinton-Forest Hill$1,491,896-6.9%
#50Englemount-Bedford Park-Lawrence Park$1,770,586-15.3%
#51Bathurst Manor-Clanton Park$888,194-13.0%
#53St. James Town-Cabbagetown-Regent Park-Moss Park$807,2528.7%
#54Rosedale-Moore Park$2,015,375-13.0%
#55Mount Pleasant$974,1581.5%
#56Leaside-Thorncliffe Park-Flemingdon Park$1,076,0768.0%
#57Bridle Path-York Mills-St. Andrew-Windfields$1,862,020-39.8%
#58Don Mills-Victoria Village-Parkwoods$1,137,1851.4%
#59Newtonbrook East-Willowdale East$981,0810.2%
#60Pleasant View-Don Valley Village-Hillcrest Vilage$960,3829.6%
#62The Beaches$1,448,45416.5%
#64Clairlea-Birchmount-Dorset Park-Kennedy Park-Ionview$935,3544.3%
#68Scarborough Village-Cliffcrest-Guildwood$955,097-2.8%
#70West Hill-Highland Creek-Centennial$982,1950.1%

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Housing Markets Across Canada

Data sourced from the Toronto Regional Real Estate Board (TRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.