GTA Real Estate Market December 2022
GTA Real Estate Market December 2022 Summary
As per the December 2022 TRREB Market Watch Report, the Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada.
“Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability.” – TRREB President.
There were 75,140 sales reported in 2022 down 38.2% compared to the 2021 record of 121,639. The number of new listings were also down, by 8.2%.
“Lack of supply has also impacted the rental market. As renting has become more popular in this higher interest rate environment, tighter rental market conditions have translated into double-digit average rent increases.” – TRREB Chief Market Analyst.
The average selling price for 2022 was $1,189,850 3 up 8.6% compared to $1,095,333 in 2021. This growth was based on a strong start to the year, in terms of year-over-year price growth.
Average Home Prices by City December 2022
| Detached | Semi Detached | Condo Townhouse | Condo Apartment | |
| Mississauga | $1,464K | $964K | $776K | $612K |
| Milton | $1,361K | $1,015K | $691K | $617K |
| Oakville | $1,821K | $1,033K | $775K | $922K |
| Burlington | $1,474K | – | $771K | $579K |
| Brampton | $1,142K | $899K | $678K | $504K |
| City of Toronto | $1,627K | $1,152K | $774K | $741K |
| GTA Monthly Statistics as per TRREB Reports | ||||
| Home Sales | Avg Price | |||
| 2021 | 2022 | 2021 | 2022 | |
| January | 6,887 | 5,593 | $966K | $1,242K |
| February | 10,925 | 9,028 | $1,044K | $1,334K |
| March | 15,627 | 10,864 | $1,097K | $1,298K |
| April | 13,613 | 7,941 | $1,090K | $1,250K |
| May | 11,902 | 7,229 | $1,108K | $1,210K |
| June | 11,052 | 6,424 | $1,089K | $1,145K |
| July | 9,338 | 4,871 | $1,061K | $1,073K |
| August | 8,550 | 5,591 | $1,070K | $1,079K |
| September | 9,010 | 5,008 | $1,135K | $1,086K |
| October | 9,743 | 4,940 | $1,155K | $1,090K |
| November | 8,979 | 4,534 | $1,162K | $1,079K |
| December | 6,013 | 3,117 | $1,157K | $1,051K |
| Annual | 121,639 | 75,140 | $1,095K | $1,189K |
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