Royal LePage announced last month that the aggregate price of a home in the Greater Toronto Area increased by 17.3 per cent in 2021 to $1,119,800 as demand continued to outpace supply. It expects that in 2022 prices in the GTA will rise by another 11 per cent, with the aggregate home price reaching $1,243,000 by the fourth quarter.
They further state that the expected rise in interest rates in 2022 “may not be enough to offset the significant upward price pressure” on homes, especially in the Greater Toronto Area where it expects the cost of the average property to go up by double-digits once again.
At this point, many of us would expect the increase in house prices in Toronto to abate somewhat, or at least not continue on this seemingly unending upward trajectory. Yet, prices continue to go up and the market remains very rewarding for Sellers. A recent study suggested that 52% of Toronto residents do not believe that they will ever be able to buy a home in Toronto, which is really a sad thing. Hopefully, that may change in the future but for the time being, it seems that many will continue to be left out of the housing market