GTA Experiences Marked Adjustment

The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021, says the Toronto Regional Real Estate Board (TRREB). Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada. There were 75,140 sales reported in 2022 – down 38.2 per cent compared to the 2021 record of 121,639. The number of new listings amounted to 152,873 – down 8.2 per cent compared to 166,600 new listings in 2021. “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,” says John DiMichele, TRREB’s CEO.