Toronto Real Estate in 2022

Guides

Toronto Real Estate in 2022 – what’s really going to happen? I’m sure you’ve been seeing plenty of headlines that cover everything from “the bubble is about to burst!” to “it’s going to be the best year yet!” but, what’s actually the truth?

Let’s start by saying 2022 is definitely going to be a good year for Toronto Real Estate. The Greater Toronto Area is one of the hottest regions in the Canadian housing market and has been for a long time. With so much attention from buyers and investors, the ever-pressing question is how the market will perform in each segment and how is that going to impact buying and selling?

Despite the difficulties we’re currently facing from pandemic conditions now, and in the past two years, price growth has stayed strong in the GTA, continuing its decades-long climb. Can we expect a continued fast pace of growth in house prices, or will things slow down? Will we see a large price correction in the coming years?

Like we say every year, no one has a crystal ball – but we do a deep dive based on facts, numbers, and trends – we’re not simply going to say what you want to year. Let’s take a look.

The Current State of the Market

It should come as no surprise that the housing market in the GTA is growing at a rapid pace. For over a year now, markets in the GTA have continuously reported record-breaking months and record-high house prices. At the same time, housing stock in the GTA has hit dismal lows. Today, the GTA is one of the most expensive of all Canadian housing markets.

In November of 2021, the average price across the GTA rose to $1,163,323, up from $955,889 at the same time last year. In terms of market activity, the region recorded over 9,000 home sales and only 10,036 new listings.

In this month, the price of single detached homes edged above $1.5 million, a 30% increase year over year. The semi-detached and condo segments saw average prices of $1,206,016 and $715,104 respectively.

That means condos now in the GTA cost around the same that an average single-detached home did in 2014.

With sales up since this time last year but listings down, the GTA has remained firmly within seller’s market territory and the Toronto Regional Real Estate Board (TREB) is calling attention to an inherent supply issue across all home types in the Greater Toronto Area.

What Will Fuel the 2022 Toronto Real Estate Market

I’ve taken a look at what will impact the 2022 Toronto Real Estate Market and how each segment will perform – detached homes, semi-detached & row homes, condos, and even the pre-construction market. I’ve also given some advice if you’re thinking about buying or selling in 2022. Click below to download my full analysis and if you have questions, want to set up a time to chat or you’d like a free home valuation, get in touch with me right away.

~Romey, Founder & Lead Broker – Toronto Realty Boutique
Romey@TorontoRealtyBoutique.com
C: 416.999.1240