July's numbers are in and as outlined in this months infographic, prices continue to decline in most areas of west GTA while Oakville shows a +6 percent increase. Significant declines of new listings -28% to -35% compared to June 2022 may be seasonally related to summer months.
 
The Rental Market continues to show signs of tightening. TRREB reports average condominium apartment lease rates for ONE Bedroom $2269/mo., TWO Bedroom $2979/mo. & THREE Bedroom $3790/mo.
 
“The GreaterToronto Area (GTA) population continues to grow and tight labour market conditions will drive this growth moving forward. Despite more balanced market conditions resulting from rapidly increasing mortgage rates, policymakers must continue to take action to boost housing supply to account for long-term population growth.” said TRREB Chief Market Analyst Jason Mercer.
 
If you have any questions about the real estate market or concerns on how to afford increasing borrowing costs, reach out to me anytime. I'm here to help. 416-948-2883 (Direct cel).
 
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