Home sales in the Greater Toronto Area (GTA) fell sharply in December 2022 when compared to the previous year, as heightened interest rates weighed on the housing market, according to a new report.
interest rates seven times in 2022, bringing its policy rate to 4.25 per cent, in an effort to bring inflation back down to its two per cent target. The GTA housing market experienced an “adjustment” in 2022, TRREB said in the release, as issues of affordability stemming from limited supply were worsened by heightened interest rates.
Home prices began to level off during the late summer months, which might indicate the market adjustment could be nearing its conclusion, Baron said. Total home sales in the GTA hit 75,140 in 2022, the release said, a 38.2 per cent decline from the 2021 record of 121,639. The number of new listings during the year was 152,873, down 8.2 per cent from the previous year of 166,600 listings.
“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,” Jason Mercer, TRREB’s chief market analyst, said in the release.
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