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By The Numbers 

The Toronto Real Estate Boards statistics year over year for the month of December 

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3,117

TREB Sales 

December 2022

6,013

TREB Sales 

December 2021

$1,051,216

TREB Average 

December 2022

$1,157,837

TREB Average Price December 2021

December Numbers 2022

  • Number of Sales 2022
    3,117| -48.2%
  • Number of Sales 2021
    6,013
  • Number of New Listing 2022
    4,074 | -21.3% 
  • Number of New Listings 2021
    5,177
  • Number of Active Listing 2022
    8,692 | +169%
  • Number of Active Listings 2021
    3,231
  • Average Price 2022
    $1,051,216 | -9.2%
  • Average Price 2021
    $1,157,837
  • Average Days on the Market (DOM) 2022
    27 Days | +92.9%
  • Average Days on the Market (DOM) 2021
    14 Days

TREB Market Summary

 The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada.

"Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end," said new Toronto Regional Real Estate Board (TRREB) President Paul Baron.

There were 75,140 sales reported through TRREB9s MLS® System in 2022 3 down 38.2 per cent compared to the 2021 record of 121,639. The number of new listings amounted to 152,873 3 down 8.2 per cent compared to 166,600 new listings in 2021. Seasonally adjusted monthly data for sales and price data show a marked flattening of the sales and price trends since the late summer.

"While home sales and prices dominated the headlines in 2022, the supply of new listings continued to be an issue as well. The number of homes listed for sale in 2022 was down in comparison to 2021. This helps explain why selling prices have found some support in recent months. Lack of supply has also impacted the rental market. As renting has become more popular in this higher interest rate environment, tighter rental market conditions have translated into double-digit average rent increases," said TRREB Chief Market Analyst Jason Mercer.

The average selling price for 2022 was $1,189,850 3 up 8.6 per cent compared to $1,095,333 in 2021. This growth was based on a strong start to the year, in terms of year-over-year price growth. The pace of growth moderated from the spring of 2022 onwards.


Breaking Down The Numbers

Sales Numbers, average price  percentage changes over the same time last year.

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Detached

$1,384,586 | -13.4%

1,352 | -44.3%

Townhouse

$864,567 | -13.1%

524 | -46.5%

Semi Det. 

$1,009,479| -14.4%

238 | -52.4%

Condo Apt.

$705,659| -0.9%

966 | -52.9%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    310 | -44.9%
  • 905 - Detached
    1,042 | -44.2%
  • 416 - Semi Detached
    83 | -45.8%
  • 905 - Semi Detached
    155 | -55.3%
  • 416 - Townhouse
    110 | -47.4%
  • 905 - Townhouse
    414 | -46.3%
  • 416 - Condos
    646 | -55.3%
  • 905 - Condos
    320 | -47.4%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,627,635| -4.1%
  • 905 - Detached
    $1,312,278 | -16.4% 
  • 416 - Semi Detached
    $1,152,073| -13.8%
  • 905 - Semi Detached
    $933,122 | -15.9%
  • 416 - Townhouse
    $878,984 | -11.9%
  • 905 - Townhouse
    $860,736| -13.4%
  • 416 - Condo
    $741,584 | +1.4%
  • 905 - Condo
    $633,135 | -5.2%

Economic Indicators

  • Real GDP Growth | Q3 - 2022
    Down | 2.9%
  • Toronto Employment Growth | November 2022
    Down | 0.3%.
  • Inflation Rate (Yr/Yr CPI Growth) | November 2022
    Down | 6.8%
  • Toronto Unemployment Rate | November 2022
    Up | 6.3%
  • Bank of Canada Overnight Rate | December 2022
    Up | 4.3%
  • Prime Rate | December 2022
    Up | 6.5%
  • Mortgage Rates December 2022 (1yr/3Yr|5Yr)
    +6.34% | 6.14% | 6.49%
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