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 |
|City of Toronto||$1,627K||$1,152K||$774K||$741K|
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