toronto home price

Toronto's sky-high average home price expected to jump by over $100K this year

Toronto real estate has no regard for our struggles, the out-of-control housing market continuing to push home prices further out of reach for the masses. Prices soared to an all-time high last year, and according to a new market outlook released for 2022, things are about to get much, much worse.

That is unless you're among the lucky bunch currently selling their homes, in which case, you may as well be holding a winning lottery ticket.

RE/MAX Canada's 2022 Canadian Housing Market Outlook Report predicts a continuation of the trend of accelerating prices, following a scorching hot 2021.

Last year, the average detached home price in Toronto jumped 15.8 per cent year-over-year to an exorbitant $1,710,304, with townhomes following close behind, rising almost 12 per cent to an average of $935,015.

Condos, the most affordable option for homebuyers in the city, also saw modest price growth of over five per cent, rising to $709,602 in 2021. On average, a Toronto home (across all types) cost $1,054,992 in 2021.

RE/MAX expects the average home price to increase by over $100K this year alone, the 2022 average selling price estimated to reach $1,160,491. That's an increase of about 10 per cent, a notable leap in home values that outpaces both 2020 and 2021 levels of growth.

So by the time you've saved up for that down payment, the fast-changing market has likely already left you in its wake.

toronto home priceAnd if you found yourself thinking "surely it can't get any more expensive," then you must not have been paying attention, as experts continue to stress that perfect storm conditions of limited housing supply and strong demand are the cause of skyrocketing housing prices.

The report downplays the inter-provincial migration and "urban exodus" narratives, which, while worrying in other municipalities, is far outweighed by immigration rates in Toronto. RE/MAX states that this will put "further pressure on Toronto housing supply levels in 2022."

It's not just a local trend either; RE/MAX Canada is estimating a 9.2 per cent increase in average residential sales prices nationwide. So before you start complaining about the unbelievable rate of price growth in the city, know that it's still very much in line with the national average.

Lead photo by

A Great Capture

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