2023 Market Outlook & 2022 Year in Review

Executive Summary


2023 Market outlook

Higher immigration levels and increased borrowing costs are two forces that will impact the housing market in 2023. TRREB is forecasting:
• A total of 70,000 sales. This is below the 2022 result, but we will see marked improvement in the second half of 2023.
• The average selling price will reach $1,140,000 for all home types combined. This is up compared to the average price in the second half of 2022, but down by 4% when compared to 2022 as a whole.

2022 Year in Review

The housing market started off strong in 2022, but GTA home sales trended lower in the spring and summer. In 2022, the GTA housing market had:
• 75,140 home sales.
• 152,873 new listings.
•…

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Selling prices for condominium apartments bucked the overall downward trend in the housing market during the fourth quarter of 2022. The average selling price in Q4 2022 stayed in line with the average in Q4 2021.

"While condo market conditions have become more balanced over the past year, there has been enough demand relative to supply to support selling prices. On average, the condo market segment is the most affordable. Therefore, it makes sense that we didn't see the same type of price adjustment, in the face of higher borrowing costs, compared to other more expensive segments like detached homes," said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

Total condo apartment sales amounted to 3,582 in Q4 2022 3 down…

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Average condominium apartment rents continued to increase by double-digit annual rates in the fourth quarter of 2022. However, while market conditions remained tight enough to support very strong rent growth, there was more balance in the rental marketplace compared to the same period a year earlier in 2021.


   

The number of condominium apartment rental transactions reported through the Toronto Regional Real Estate Board9s (TRREB) MLS® System was down on a year-over-year basis by 19.9 per cent in the fourth quarter of 2022. The number of rental listings was also down over the same period, but by a lesser annual rate of 11.8 per cent. The fact that the number of units leased was down by more than the number of units listed suggests that…

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