2022 Review/ Highlights

Home Sales

There were 75,140 sales in the GTA in 2022- 38.2% fewer sales than 2021. The housing market started off strong in 2022, but GTA home sales trended lower in the spring and summer as aggressive Bank of Canada interest rate hikes further hampered housing affordability.

New Listings

There were 152,873 new listings in 2022- 8.2% fewer than in 2021. With a drop in GTA home sales, the number of new listings hitting the market also dipped. The number of homes listed was down in comparison to 2021. This helps explain why selling prices found some support in the latter months of 2022.

Average Price

The average price in the GTA was $1,189,850- an 8.6% increase from 2021. The average selling price for 2022 was up over 2021. This growth was based on a strong start to the year. As more prospective buyers were faced with higher mortgage rates through spring 2022 and onwards, home selling prices adjusted downward.

Detached Homes

There were 33, 568 detached homes sold in the GTA in 2022- average price being $1,545,428. Low inventory for GTA detached homes plus strong competition between buyers continued to drive up the average selling price. In 2022, buyers experienced a price increase of 7.4% when compared to 2021.

Semi-Detached Homes

There were 6,896 semi-detached homes sold in the GTA in 2022- average price being $1,182,870. Similarly to detached homes, semi-detached homes in the GTA also featured strong competition between buyers, pushing the average price to climb higher in 2022. The average selling price of a semi-detached was up 9.8% over 2021.

Condos

There were 21,323 condo sales in 2022- average price being $758,066. Sales in the condo market were slower in 2022 as some first-time buyers moved to the sidelines due to higher borrowing costs. Many of these would-be buyers shifted to the condo rental market in the short- to medium-term to meet their housing needs.