2022 Had Some Surprises & Some Disappointments

By: Thomas Cook

2022 Had Some Surprises & Some Disappointments

Market Summary for Year-End 2022

The Toronto Real Estate Board market in 2022 saw 75,140 total sales, the lowest annual sales number since 2008. Despite this, the average sale price for the year was $1,189,750, the highest ever in TRREB’s history.

However, the average sale price in December was $1,051,000, which was approximately $140,000 below the annual average.

The sales of Toronto-only detached and semi-detached houses were lower by 33% compared to 2021, and the sales of condo apartments were down by 37%.

Amazingly, the year-end 2022 average sale prices for both Toronto-only detached and semi-detached houses were virtually flat (+1% to +3%) compared to 2021.

Additionally, condo sales in districts C01 and C08 experienced a 40% decrease. On the bright side, the year-end average sale price increased by 4% to 5%.
Market Summary – January 2023

In summary, the Toronto real estate market in January 2023 showed a significant slowdown compared to the previous year, with sales down by 45.6% across the TRREB Board territory and the lowest for the month in the past 14 years.

The active listings were 125% higher than last year but slightly higher than December 2022.
The average sale price for January came in at $1,038,668, a decrease of -16.4% from the previous year.

The market saw a slower pace, with an average of 29 days-on-market.

Detached homes sales over $2M were down -73% and condo apartment sales over $2M were down -27% compared to January 2022.

The condo townhouse / highrise share of the market was 30.6% and condo sales declined by 61%.

In the City of Toronto only, detached house sales were down -33% with a -21% decrease in the average sale price.

Similarly, Toronto-only semi-detached sales declined -42% with a -22% decrease in the average sale price.

The downtown condo market showed an increase in active listings, with a decline in sales and average sale prices, and a shift into buyer market territory.

On the positive side, the rental market was very active, with rental prices climbing across the board.

Detached home prices in the 905 districts declined by -24% and 905 condominium average sale prices declined by -10%, with sales also declining by -40% to -43%.


Thomas Cook

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