2022 Real Estate Market Outlook is expected to hit a new record as evidently shown by strong home sales with an average selling price in the Greater Toronto Area (GTA). Ipsos conducted the latest polling for the Toronto Regional Real Estate Board (TRREB) showing detached homes as the top of the list for buyers while the percentage of first-time homebuyers will presumably drop this year. On the other hand, the first month of 2022 relatively started as December ended with low home sales.
2021 Year in Review
- Significant several record-breaking months.
- The average price in Toronto and GTA up at 17.8% to $1,095,475.
- Condo Sales were revived and soared.
- Total home sales up at 36.9%
- 2021 had an increase in new listings versus 2020, but at a lesser/slower rate than sales were happening which is why we had an almost 20% price growth.
- New home sales were down by 20% from 2020
- Pre-construction Condo sales soared, particularly in Toronto and Durham region.
January 2022 Market Updates
Toronto & Caledon
Mississauga & Lakeview
Muskoka
TRREB’S Outlook for 2022
• The average selling price for all home types combined will be up 12% to $1,225,000.
Higher Borrowing Costs
• Inflation concerns and higher borrowing costs may result in lower home sales.
Lack of Inventory
• This trend will likely continue in 2022. End of December 2021 active listings were down 60% compared to December.
Shifting Patterns
As we move forward into 2022, we will see a shift in real estate needs and work patterns.
- There is a need for a hybrid of flexible post-COVID working arrangements, home and office.
- Downtown offices towers require less space due to a hybrid schedule.
- Adapting to Virtual work environments.
“Employers and workers are navigating what the emerging world of work will look like, including evolving corporate cultures and developing hybrid work patterns,”. “While offices will remain vital meeting places for many companies, their purposes and function will evolve to respond to workers’ priorities,”
said Craig Ruttan, Policy Director, Energy, Environment and Land Use at the Toronto Region Board of Trade.
