A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Mobile:
416-908-5600
Office:
905-270-2000
Email Me
A. Q.  Mufti

A. Q. Mufti

Sales Representative

RE/MAX Real Estate Centre Inc., Brokerage*

Mobile:
416-908-5600
Office:
905-270-2000
Email Me

May 2022 Sales Report by Toronto Regional Real Estate Board (TRREB)

June 3, 2022

After I shared with you my analysis based on the last Sales Report by Toronto Regional Real Estate Board (TRREB), I know you were anxiously waiting to know what is happening now in the market, especially after the effects of the BOC Rate increase by fifty base points. So let’s see the latest numbers released by TRREB for the last month, May 2022.

The market continued its downward trend from the last month as the residential transactions saw a similar negative trend of 39%, close to 41% seen when compared to the same months last year. The total transactions were recorded to be 7.3K compared to last month’s 11.9K.

The seasonably adjusted transactions also saw a 9.3% dip and recorded 6.2K in May 2022 compared to 6.8K in the same month last year.

As I have been mentioning all along, the unrealistic price has adjusted itself but the realistic price has been stable or continued to rise, it is evidenced by a positive increase of 9.4% in May this year compared to May 2021. The Average Selling Price in may rose to $1.213M last month from $1.108M recorded in May 2021.

The seasonally adjusted Average Selling Price saw a dip of 3.1% from $1.214M in April 2022 to $1.176M in May 2022.

There was a very slight jump in the total new listings in the market of a .50% increase, totalling 18,679 listings.

Even though there was a slight increase in the new listings there were fewer new listings sold recording a decline of 25% overall, bringing the Sales-to-New Listings Ratio to 39% in May 2022 from 64% in the same month last year.

Properties remained in the market much longer than last year in the same month that is 18 days in May 2022 compared with 15 days in May 2021, taking 20% more days to sell a property.

The Home Price Index (HPI) continued its upward trend and crossed the 1,250K mark. For your information, as per the TRREB definition, HPI provides a price growth measure for a benchmark home with the same characteristics over time, allowing for an apples-to-apples comparison from one year to the next.

Residential condominium sales also got a negative hit on their sales and recorded a 15.6% decline from 9,399 to 7,932 comparing the Q1 results with the same period of last year.

To the surprise of many, the Average Selling Price of Condos, compared with Q1 2022 to Q1 2021, saw a jump of 22.4%.

Total new listings saw a very slight jump, 3%, in Q1 of 2022.

Sales-to-new-listings Ration took a dip of 14% comparing the same quarter last year with 69% of new listings sold in the current quarter while 83% in the same quarter last year.

The number of days for a listing to remain in the market, recorded as 12 days, was significantly reduced, by 48%, in this quarter compared with 23 days last year in the same period.

There were 23% fewer Condos rented and the new rental condos in the market were reduced by 43% which created the supply and demand scenario and gave a jump of 18% more rent for a 1-Bed Room Apartment to $2,145 in Q1 2022 from $1,820 in Q1 2021.

 

The Commercial Leasing and Sales activities declined by 25.4% and 22% respectively in Q1 2022 compared to Q1 2021.

The average Industrial Lease Rate increased by 29% to $13.17/SF.

The Average Commercial/Retail Lease Rate increased by 14.4% to $22.74/SF from $19.88/SF.

The Average Office Lease Rate saw a decline of 2% to $17.73/SF from $18.1/SF.

 

With the Bank of Canada (BOC) rate hike of fifty base points just a day before, we will have to see the market reaction for some time to come. On one side, the change would impact negatively on the affordability of the potential buyers on the other hand one may see, hopefully, some settlement in the home prices, but only the time will tell. I will keep you posted, as always, with the latest market trends so you can make an informed decision for your, generally, the largest investment in your life.

 

There is always a better solution a professional can provide, sometimes beyond one’s thoughts. I will be glad to receive your call at your earliest convenience at 416-908-5600 to discuss your individual needs and goals and objectives.

 

If you like what you read, I will ask you to leave your gracious Google Review at:

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A. Q. Mufti

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416-908-5600

  

905-270-2000

  

INTEGRITY, WORK ETHICS, DEPENDABILITY

A glance at my achievements and passion;

  • Realtor
  • Former Member of Toronto Real Estate Board (TREB) Committee
  • Certified Project Management Professional (PMP)
  • Master Degree in Geography
  • Past Project Manager
  • Past IT consultant
  • Queen's Diamond Jubilee Medal
  • Gold Medal of Excellence for Human Rights
  • Community award for dedicated community services
  • Member of Mississauga mayor’s Diversity Advisory Committee
  • Chair - Family Day Walkathon, raising $250K for a local hospital
  • Member of Halton District School Board's Education Committee
  • Member of Halton Region Police MFST
  • Former Member of Peel Region Public School Council
  • Former Scouts Canada leader
  • Former Team Captain of Cancer Society’s Relay for Life
  • Former Board member of an international relief organization
  • Column writer
  • TV Panelist on current affairs

RE/MAX has more than 100,000 agents in more than 95 countries agents and sells more real estate than any other Canadian brand.


At RE/MAX Real Estate Centre Inc., I’m here to provide you, your family, and friends with exceptional services for your real estate needs including Residential, Commercial, and Agri/Farm Business.


RE/MAX Real Estate Centre Inc. operates out of 17 locations with approximately 920+ trained real estate professionals. 10,852 properties were sold and 105,144 appointments were scheduled in 2017 alone!

With my background in IT and Project Management and, over the several years, contributing to many charitable/not for profit organizations as a board member, I bring professionalism, ethics, sincerity, and I strive for excellence.

If you are looking for a new place to live or do business and want to sell and/or buy your next home and/or business, I would be delighted to help you achieve your goals.
I am not looking for short term gains, rather long term relationships, with the sole focus of finding solutions that best meet your needs.
I truly believe you are my best promoter when you tell others that you have received:

  •  My dedicated attention
  •  Best promotion
  •  Strong negotiation skills
  •  Taking care of critical facts
  •  Eye on items normally ignored
  •  Awareness of Market Trends
  •  Open discussion of the pros and cons

I am available during weekdays and weekends and would meet or pick up the phone personally or return your call at a time convenient for you.

You may reach me directly by calling 416-908-5600 or send me an email at your convenience at info@aqmufti.com.

I look forward to hearing from you soon.


Wishing you and your family all the fun and enjoyment.



Designation: Realtor, MSc, PMP, ABR, SRS, CNE

Education: MSc

Specialty: Buy, Sell, and Rent Residential, Commercial, and Agricultural Properties

Awards: Certified Project Management Professional(PMP), Master Degree in Geography, Past IT consultant, Project Manager, Queen's Diamond Jubilee Medal Gold Medal of Excellence for Human Rights, Community award for dedicated community services Award, Member of TREB Members Communications Committee, Member of Mississauga mayor’s Diversity Advisory Committee, Former Scouts Canada leader, Former Team Captain of Cancer Society’s Relay for Life, Member of Halton Region Equity and Inclusive Education Committee

Area Covered: GTA and beyond including Waterloo, London, Oxford, Woodstock, Niagara, Thorold

Languages Spoken: Arabic, English, Hindi, Punjabi, Urdu



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