The Toronto Real Estate Board (TRREB) has released its 2022 Housing Market Update, and the news is not good. Home sales and new listings are down, but selling prices and rents are up due to aggressive Bank of Canada interest rate hikes. Sales in the Toronto area dropped 38.2% from 2021’s record-breaking level, with 152,873 new listings – 8.2% lower than 166,600 in 2021 – being reported through TRREB’s MLS® System in 2022. The average selling price was $1,189,850 – 8.6% higher than 2021’s $1,095,333 – as home prices adjusted downward to make up for higher mortgage rates without relief from stress tests or other mortgage lending guidelines such as amortization periods.
In December 2022 alone, there were 3117 sales reported through TRREB’s MLS®, a 48.2% decline compared to December 2021, while 4174 new listings were reported (down 21.3%), and the average selling price was $1,051 216 – 9.2% less than the December 2021 average of $1 157 837. The Toronto Regional Real Estate Board suggests that home prices may now be levelling off after an early 2022 market strength, and Toronto-area buyers and sellers should be seeking out real estate advice – whether from a Toronto Real Estate lawyer or a virtual real estate lawyer. With market conditions constantly in flux, it’s important to stay informed on the latest developments in Toronto’s housing market.
*Source: Toronto Regional Real Estate Board
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