December 2022 Market Update
The Greater Toronto Area housing market experienced a marked adjustment in 2022 compared to record levels in 2021. There were 75,140 sales reported in 2022 which is down 38.2% compared to the 2021 record of 121,639. As for the month of December, the average selling price has inclined by 9.2% year over year. Sales have decreased by 48.2% comparing December 2022 to December 2021. Also, the number of new listings was down by 21.3% compared December last year. While home sales and prices dominated the headlines in 2022, the supply of new listings continued to be an issue as well. The number of homes listed for sale in 2022 was down in comparison to 2021. This helps explain why selling prices have found some support in recent months. | ||
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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. Rising interest rates may have impacted affordability but lack of new inventory has protected home values as of now. However, it is anticipated that more inventory will be hitting the market in the first quarter as mortgage renewals and the effects of inflation begin to impact homeowners. | ||
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Toronto Real Estate Board (TRREB); All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating