A Look at the 2022 1st Quarter Real Estate Market…

May 14, 2022 | Real Estate Market

Our quarterly update has been published later than normal, but there were some interesting market changes that occurred between March and April that we wanted to ensure we captured in this update.

All eyes are on the real estate market right now after the Bank of Canada’s 0.5% interest rate increase in April. The prime rate in April 2022 was 3.2% compared to 2.45% in April 2021. The number of sales in the GTA were down 41% from April 2021 and 27% from March 2022, largely because of this. The decrease was largely lead by the 905 region.  In the City of Toronto prices were down 26% from April 2021.

In the first couple months of 2022, inventory was very low and buyers were eager to buy something within their rate lock timeframes from last year. Prices were up approximately 15% from the fall months to January & February. They have since settled down about 10% again as inventory and rates have increased. However, prices remain strong historically, with the average sale price up approximately 15% in Toronto from April 2021. The average Toronto detached house is up 15% with the average Toronto condo up 13%.

Market conditions remain somewhat tight with the most prime properties in prime locations, but conditions have loosened for all other property types. Though demand for housing in the GTA remains high, buying power has being reduced a greater amount.

A quote from TRREB President, Kevin Crigger, on the interest rate increases:

“Based on the trends observed in the April housing market, it certainly appears that the Bank of Canada is achieving its goal of slowing consumer spending as it fights high inflation. Negotiated mortgage rates rose sharply over the past four weeks, prompting some buyers to delay their purchase. Moving forward, it will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs.” said TRREB President Kevin Crigger.

We will continue to monitor the market through May & the remainder of the spring. Stay tuned for our 2nd quarter update!

Below is a look at average freehold prices & condo prices per square foot from the 1st quarter, organized by neighbourhood.  We also include the average price from the 1st quarter of 2021 for comparison.

Average Freehold Sale Prices

WEST

THE KINGSWAY

Average Sale Price, 2022 Q1 $2,531,065
3 Bedroom $2,376,463
4 Bedroom $2,632,800
5+ Bedroom N/A (1 Sale)
Average Sale Price, 2021 Q1 $2,846,197
   

SUNNYLEA

Average Sale Price, 2022 Q1 $2,185,112
3 Bedroom $2,156,140
4 Bedroom $2,420,333
5+ Bedroom $2,950,019
Average Sale Price, 2021 Q1 $1,997,509
   

EDENBRIDGE-HUMBER VALLEY

Average Sale Price, 2022 Q1 $2,362,071
3 Bedroom $2,025,000
4 Bedroom $2,343,778
5+ Bedroom N/A (1 Sale)
Average Sale Price, 2021 Q1 $2,574,818
   

PRINCESS ROSETHORN

Average Sale Price, 2022 Q1 $2,161,127
3 Bedroom $1,835,829
4 Bedroom $2,619,300
5+ Bedroom N/A (No Sales)
Average Sale Price, 2021 Q1 $1,965,596
   

ISLINGTON-CITY CENTRE

Average Sale Price, 2022 Q1 $1,797,980
3 Bedroom $1,529,569
4 Bedroom $2,343,592
5+ Bedroom N/A (1 Sale)
Average Sale Price, 2021 Q1 $1,756,106
   

MIMICO

Average Sale Price, 2022 Q1 $1,626,811
3 Bedroom $1,572,500
4 Bedroom $2,125,167
5+ Bedroom $2,146,667
Average Sale Price, 2021 Q1 $1,348,289
   

ALDERWOOD

Average Sale Price, 2022 Q1 $1,838,310
3 Bedroom $1,706,667
4 Bedroom $2,271,180
5+ Bedroom $1,821,667
Average Sale Price, 2021 Q1 $1,385,419
   

BLOOR WEST VILLAGE

Average Sale Price, 2022 Q1 $1,719,947
3 Bedroom $1,665,506
4 Bedroom $1,993,000
5+ Bedroom $2,275,000
Average Sale Price, 2021 Q1 $1,550,640
   

HIGH PARK-SWANSEA

Average Sale Price, 2022 Q1 $2,630,147
3 Bedroom $1,970,467
4 Bedroom $3,085,364
5+ Bedroom $3,829,000
Average Sale Price, 2021 Q1 $2,282,832
   

HIGH PARK NORTH

Average Sale Price, 2022 Q1 $2,052,574
3 Bedroom $1,809,900
4 Bedroom $2,250,545
5+ Bedroom $2,301,333
Average Sale Price, 2021 Q1 $1,834,746
   

RONCESVALLES

Average Sale Price, 2022 Q1 $2,026,689
3 Bedroom $1,794,042
4 Bedroom $2,127,917
5+ Bedroom $2,285,642
Average Sale Price, 2021 Q1 $1,727,457
   

JUNCTION

Average Sale Price, 2022 Q1 $1,571,313
3 Bedroom $1,603,535
4 Bedroom $1,598,250
5+ Bedroom $1,806,250
Average Sale Price, 2021 Q1 $1,459,249
   

DOVERCOURT-WALLACE EMERSON-JUNCTION

Average Sale Price, 2022 Q1 $1,534,438
3 Bedroom $1,499,221
4 Bedroom $1,592,950
5+ Bedroom $1,742,513
Average Sale Price, 2021 Q1 $1,321,423
   

CENTRAL

TRINITY BELLWOODS

Average Sale Price, 2022 Q1 $2,297,660
3 Bedroom $1,959,031
4 Bedroom $2,450,00
5+ Bedroom $3,061,611
Average Sale Price, 2021 Q1 $1,835,576
   

LITTLE ITALY

Average Sale Price, 2022 Q1 $2,133,482
3 Bedroom $2,157,000
4 Bedroom $1,964,762
5+ Bedroom $2,596,575
Average Sale Price, 2021 Q1 $1,720,645
   

LITTLE PORTUGAL

Average Sale Price, 2022 Q1 $1,869,544
3 Bedroom $1,647,993
4 Bedroom $2,581,972
5+ Bedroom N/A (No Sales)
Average Sale Price, 2021 Q1 $1,540,222
   

EAST

SOUTH RIVERDALE/LESLIEVILLE

Average Sale Price, 2022 Q1 $1,564,698
3 Bedroom $1,576,228
4 Bedroom $1,847,390
5+ Bedroom $2,302,400
Average Sale Price, 2021 Q1 $1,434,964
   

BEACHES

Average Sale Price, 2022 Q1 $2,114,753
3 Bedroom $1,982,758
4 Bedroom $2,707,733
5+ Bedroom $2,558,250
Average Sale Price, 2021 Q1 $1,893,903
   

DANFORTH

Average Sale Price, 2021 Q4 $1,471,245
3 Bedroom $1,526,024
4 Bedroom $1,960,025
5+ Bedroom N/A (1 Sale)
Average Sale Price, 2020 Q4 $1,345,701
   

Average Condo Prices Per Square Foot

KING WEST

2022 Q1 $1,195
2021 Q1 $1,030

LIBERTY VILLAGE

2022 Q1 $1,148
2021 Q1 $967

TRINITY BELLWOODS

2022 Q1 $1,173
2021 Q1 $1,003

YORKVILLE

2022 Q1 $1,281
2021 Q1 $1,104

QUEENS QUAY

2022 Q1 $1,185
2021 Q1 $1,041

YONGE-EGLINGTON

2022 Q1 $1,140
2021 Q1 $983

KING EAST

2022 Q1 $1,176
2021 Q1 $1,026

MOSS PARK

2022 Q1 $1,112
2021 Q1 $945

WEST

DOVERCOURT-WALLACE EMERSON-JUNCTION

2022 Q1 $1,018
2021 Q1 $895

HIGH PARK

2022 Q1 $1,022
2021 Q1 $886

KINGSWAY/SUNNYLEA

2022 Q1 $1,079
2021 Q1 $878

MIMICO

2022 Q1 $1,077
2020 Q4 $900

EAST

SOUTH RIVERDALE/LESLIEVILLE

2021 Q4 $1,136
2020 Q4 $1,032

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