In 2022, the GTA saw 75,140 home sales, a low not seen since 2008. This is a 38.2% decrease from 2021’s record breaking high of 121,639. Average selling price was $1,189,850, which was up 8.6% from $1,095,333 in 2021.
2022’s monthly average selling prices and volume fell to their lowest in December. The dramatic decline we saw starting in the spring was strongly influenced by regular interest rate hikes and no relief of the OSFI stress test, shifting demand down in general and over towards more affordable home types like condos, which remained steady in prices, and perhaps into rentals too, which saw double-digit average increases.