2022 is shaping up to be the year of the condo.
Increasing low inventory and strong demand for housing for both first-time home buyers and investors seem to be driving forces behind the rise in price for all types of residential real estate purchases across the province. According to the Ontario Housing Task Force, we’ll need to see 1.5M homes built over the next 10 years, which the organization says is “achievable”.
After a significant downturn in sales at the beginning of the pandemic, the Ontario market has seen a massive surge in activity, particularly with condos, a trend that is expected to continue as we move forward into 2022. While the average price of detached and semi-detached homes in Toronto have risen +37% and +46.5% respectively, the average price of condos has only risen by 12%. This is true not just for Toronto, but Mississauga, Vaughan, and the GTA as well.
Accessibility, job opportunities, and quality construction remain critical considerations in the consistent rise in GTA condo home pricing. Younger generations are leading the way right, taking advantage of vertical communities with attractive amenities and investing in their first home purchase. Please contact my team or me if you’d like a copy of TREB’s 2022 Outlook. We will be happy to review the information with you.