Toronto 
Toronto Regional Real Estate Board (TRREB ) says the GTA housing market sales declined 48.2 per cent in December 2022 compared to December 2021.
TRREB blames declining sales on the lack of affordability caused by interest rate hikes by the Bank of Canada and a reduced housing supply.
Per the December market report released today, 75,140 sales were reported through TRREB MLS System in 2022. This represents a 38.2 per cent decline compared to the 2021 record of 121,639. The number of new listings was 152,873 3 in 2022 — 8.2 per cent less than 166,600 in 2021.
Market Overview/ TRREB
The trend in December shows the true nature of market decline — only 3,117 sales were reported last month which amounts to 48.2
per cent compared to December 2021.
Credit: TRREB
The average 2022 selling price at $1,051,216, was down by 9.2 per cent compared to the December 2021 average of $1,157,837, but the average selling price for the whole of 2022 was $1,189,850 – up 8.6 per cent compared to $1,095,333 in 2021.
Credit: TRREB
TRREB CEO John DiMichele said in a statement, “As we look forward into 2023, there will be two opposite forces impacting the housing market. On the one hand, we will continue to feel the impact of higher borrowing costs. On the other hand, record
levels of immigration will support demand for ownership and rental housing, while we struggle to come to terms with a housing and infrastructure deficit in the Greater Golden Horseshoe.”
Bank of Canada will announce the next interest rate change on January 25th.
