Despite a 10-month-long market downturn, the average home price in the Greater Toronto Area for all of 2022 sat up 8.6% from the year prior., which revealed an average 2022 selling price of $1,189,850 — up from the $1,095,333 seen in 2021.
In the city of Toronto, home prices averaged $1,140,595 in 2022, which was lower than the $1,218,724 average seen in the rest of the GTA. But Toronto detached homes easily won out as the most expensive home type this year, averaging $1,792,149. The cheapest homes were found in the form of 905-area condos, which averaged just over $705K — a 15.6% jump from one year prior.
Although the winter months are typically slower for the real estate market, December saw just 3,117 sales in the GTA and 4,074 new listings . be an issue as well,” said TRREB Chief Market Analyst Jason Mercer. “The number of homes listed for sale in 2022 was down in comparison to 2021. This helps explain why selling prices have found some support in recent months. Lack of supply has also impacted the rental market. As renting has become more popular in this, tighter rental market conditions have translated into double-digit average rent increases.
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