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Posthaste: Condo price gains seen outpacing detached homes as market rebounds in GTA

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Meanwhile, in Vancouver you can expect to pay almost $2 million for a detached home, says Royal LePage

Condos are expected to outstrip the price gains of much-coveted detached homes in Canada's biggest city in 2022.Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.The condo market in Toronto took the hardest hit of any city in Canada when residents fled in the early days of the pandemic. Listings soared, prices fell and a flood of vacant units sent rents downward.

Royal LePage is the second major realtor to forecast double-digit price gains for Canada’s housing market next year. Realtors see strong growth ahead, but down from the blistering 21.4% jump estimated for this year.that home prices will rise by 9.2% in 2022, with some of the strongest price growth in smaller centres in Atlantic Canada and rural Ontario.

“That said, I do expect to see price appreciation ease from the unhealthy levels that we have been grappling with over the last 18 months.” “Just about every listing receives multiple offers and ultimately sells above the asking price, many without conditions. This competitive environment makes it especially difficult for first-time buyers to transact,” he said.

 

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