GREATER TORONTO REAL ESTATE - A YEAR IN REVIEW
Greater Toronto Real Estate Market - Highlights
Highlighted Market Stats
1. 24% increase in the average price of homes across the GTA
2. Condos: +16%
3. 416 regions: +16%; 905 regions: +31%
4. Milton: +26%
5. Oakville: +18%
6. Mississauga: +25%
7. Burlington : +28%
8. Halton Hills: +36%
9. Brampton: +40%
There are a lot of factors impacting the current real estate markets across the Greater Toronto area and beyond. Here are the primary factors contributing to the sustained growth.
Homebuyers continue to leave major urban centres, such as Toronto, and are deciding to move to the suburbs (e.g. Milton). This is driven by people working from home more readily and wanting additional living space.
All markets across the GTA and southern Ontario will remain in a seller’s market. As a result, buyers will continue to compete on properties and home values will continue to rise.
Home value appreciation rates should be slower in 2022 compared to 2021. We’ll likely see a 10-20% increase in home values by year-end. This is will be as a result of rising interest rates, buyer fatigue, and slightly lower demand.
Condo’s will have a big year in 2022 and 2023 as more first-time homebuyers, investors, and immigrants will enter that market segment. We’re also likely to notice more retirees and investors offload their properties and cash out of the market.
Interest rates will rise over the course of 2022. The Bank of Canada will likely introduce the first increase in April.
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