TORONTO, ON, February 3, 2022 – The market outlook for 2022 is calling for strong home sales in the Greater Toronto Area (GTA) with the average selling price expected to hit a new record. The latest polling conducted for the Toronto Regional Real Estate Board (TRREB) by Ipsos shows detached homes are on the top of the list for buyers while the percentage of first-time home buyers will likely drop this year. Meanwhile, January began the same way December ended with home sales down.

Today, TRREB is releasing its much-anticipated 2022 Market Outlook and 2021 Year in Review report which includes an eagerly awaited forecast for sales and average selling price, the latest consumer polling results on home buying and selling intentions and joint research with the Toronto Region Board of Trade and Maru Public Opinion on post-pandemic back-to-work and employment scenarios.

Delve into the full report, The Post-Pandemic Future: Communities, Housing & Employment  and discover highlights and key trends in our digital digest .

Market Outlook Summary

The following points summarize TRREB’s outlook for 2022:

“Immigration into Canada and the GTA is expected to be at or near record levels in 2022. All of these people will require a place to live. On top of this, job creation in average to above-average income sectors is expected to remain strong, further buoying consumer confidence to make a large-ticket purchase of a home. Unfortunately, the supply of listings will remain constrained, sustaining strong competition between buyers and double-digit growth in selling prices,” said TRREB President Kevin Crigger.

“While home sales will remain strong historically, there are a few key factors that will see transactions slightly off last year’s record pace. First, higher borrowing costs in 2022 will see some households on the margin of affordability temporarily put their purchase on hold. Second, after above-average per capita home sales in 2021, there will be some give-back in 2022, simply because the pool of ready buyers will be smaller. Finally, the perpetual lack of inventory in the GTA will preclude some willing buyers from getting a deal done – simply put: you can’t buy what’s not available for sale,” added TRREB Chief Market Analyst Jason Mercer.

Latest Ipsos Consumer Polling Results

The latest consumer polling by Ipsos supports TRREB’s forecast for 2022, including the following points:

January 2022 Home Sales Dip from Last Year’s Record Result

“It is clear that 2022 is starting off the way 2021 ended in terms of the relationship between demand and supply in the GTA housing market. We have provincial and municipal elections this year in Ontario. These are the levels of government whose policies impact real estate development the most. With this in mind, it will be very important for voters to understand exactly what parties and individuals vying for public office propose to do to alleviate the lack of inventory and housing choice in the GTA in the years to come,” said TRREB CEO John DiMichele.

Navigating the New Normal

TRREB’s joint research with the Toronto Region Board of Trade and Maru Public Opinion brings together insights from both business executives and workers on what the “new normal” may look like and how real estate needs, employment and work patterns may shift in response. 

A summary of results are as follows:

“Employers and workers are navigating what the emerging world of work will look like, including evolving corporate cultures and developing hybrid work patterns,” said Craig Ruttan, Policy Director, Energy, Environment and Land Use at the Toronto Region Board of Trade. “While offices will remain vital meeting places for many companies, their purposes and function will evolve to respond to workers’ priorities.”


Media Inquiries:

Genevieve Grant, Public Affairs Specialist [email protected] 416-443-8159

The Toronto Regional Real Estate Board  is Canada’s largest real estate board with more than 64,000 residential and commercial professionals connecting people, property and communities

The post TRREB Unveils Key Market Drivers for 2022 and January Numbers appeared first on TRREB Wire .

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