Monthly Market Snapshot

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December 2022 Market Update

AVERAGE SELLING PRICE for 2022 was $1,189,850 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. The pace of growth moderated from the spring of 2022 onwards.

As per TRREB MLS® System
Volume of sales – Down by 38.2 percent
75,140 sales reported through in 2022
121,639 sales reported through in 2021

"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. 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," said TRREB Chief Market Analyst Jason Mercer.

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.

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