2022 Real Estate Market Forecast
Buyers, prepare – if you’re looking to purchase a home in 2022, the competition is expected to be tough. This past year saw tightening market conditions in the Greater Toronto Area, as more people looked to move, and there were less available listings on the market.
The result of the high demand and low availability – a severe impact on Toronto housing market affordability.
The average selling price increased by more than 21 per cent year-over-year this past November, skyrocketing to $1,163 323, according to the Toronto Regional Real Estate Board market statistics. Sales reached a new high for the month of November. The condo market has also become more competitive, experiencing an increase in prices particularly in suburban areas.
The imbalance between supply and demand is expected to continue into the foreseeable future – an issue that needs to be addressed, said Toronto Regional Real Estate Board President Kevin Crigger.
“Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future,” Crigger said in a news release from the Toronto Regional Real Estate Board. “The GTA remains the primary destination for new immigrants and is at the centre of the Canadian economy.”
What can you expect to see in 2022?
High demand, low availability
Fueled by immigration and the further demand of more people moving from their current living situation, the housing market in and around the GTA can be expected to continue outpacing available supply.
The tough competition can often lead to bidding wars, driving up prices even more. If you have your eye set on a specific property, it could be quite devastating if it goes beyond your price range and someone else ends up with your dream home.
Prices are expected to increase in 2022, with many estimating at 10%+ jump. So, if you’re in the market for a new home, it’s best to not wait for “the perfect time” to start looking. There will be no perfect time, but there will be a cheaper time. By purchasing sooner than later, you can pay less for the exact same property that may go up substantially in price a few months from now.
Consider all options – Pre-Construction
Remember, when purchasing a home, you always have options. Pre-construction is one of those options.
We offer a variety of pre-construction options that can help save you the stress and disappointment of a bidding war that doesn’t end in your favour. We currently have one unit left in historic Streetsville – Ravines on Main. You can join an exclusive community of 26 elegant, three-storey townhome residences.
We also have several projects launching in 2022, including housing developments in Mississauga, Woodbridge, Markham, and other communities throughout the GTA. For more information, visit our Broker Portal.
Work with us
Don’t let the tight market conditions discourage you – we can help. By working with trusted professionals, you’re taking away a lot of stress. We’re lucky enough to have experts in pre-construction, investment property management, development land management, retail MLS, exclusive and corporate resale and loss mitigation. We would love to hear from you. You can reach us at 416-613-1010, or by email at email@example.com.