The market outlook for 2022 is out now and is calling for strong home sales in the Greater Toronto Area (GTA) with the average selling price expected to hit a new record. All this due to the conditions on the market of low listing posted and high demand. As a consequence this is calling for a seller's market, so if you are considering selling your property, now is the right time, grab your phone or computer and contact the realtor of your preference. This trend will continue unless correction takes place.
The following points summarize TRREB’s outlook for 2022:
- Total home sales reported through TRREB’s MLS® System in the GTA will reach 110,000, representing a dip from 2021, but still a strong result in comparison to previous years.
- The average selling price for all home types combined is set to climb to $1,225,000, an approximate increase of 12 per cent when compared to last year.
- In addition to labour market conditions and population growth, the prospect of multiple interest rate hikes by the Bank of Canada this year will be an important factor impacting housing markets in 2022. While BoC tightening cycles have historically led to fewer transactions, it is important to remember that home buyers have recently been held to a much higher qualification standard under the OSFI stress test. This could mitigate the impact of higher contract mortgage rates moving forward.
The latest polling conducted for the Toronto Regional Real Estate Board (TRREB) by Ipsos shows detached homes are on the top of the list for buyers while the percentage of first-time home buyers will likely drop this year. Meanwhile, January began the same way December ended with home sales down.
Would you like to see another quick overview for January 2022, click the following hyperlink.
https://trreb.ca/hlfiles/pdf/MarketWatch_infographic_January2022.pdf
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