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GTA Housing Market “Abnormally Front-End Loaded” in 2022, Defined by Downward Trends

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In 2022, the GTA’s housing market started off on such a (short-lived) high that it ended up impacting the year’s overall average price despite a steep drop-off in the months to follow. TheReal_TRREB | areacode416 | realestate housing Toronto

Despite that jump, the month-over-month trends paint a far more dismal picture of the year. GTA home prices peaked in February before steeply dropping off until early summer, and more or less flattening for the remainder of the year. Between November and December, prices fell around 2.6% to $1,051,216.

High transactions at high dollar values and low transactions at low dollar values kept the average price for 2022 higher, says Ingram. “We started to see the impact fairly quickly of interest rate hikes, starting in March, and then actually accelerating in terms of scale and scope,” says Mercer. “What happened then is you saw an increasing number of buyers moved to the sidelines.”

 

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