However, there were signs the market adjustment may be coming to an end, Baron said, as home prices began levelling off in the late summer.
Much like other competitive Canadian markets, new home listings were also down in 2022 year over year. There were 152,873 new listings reported through TRREB’s MLS system — accounting for an 8.2 per cent decline compared to 166,600 new listings in 2021. Home sales, at 75,140 units, did not fare any better, down 38.2 per cent from 2021’s record of 121,639 units.
“While home sales and prices dominated the headlines in 2022, the supply of new listings continued to be an issue as well,” TRREB chief market analyst Jason Mercer saidAdvertisement 4On a month-over-month basis, December’s composite benchmark price was down just 0.77 per cent to $1,081,400 from $1,089,800 in November, though the average selling price was down 9.28 per cent.