In June, the GTA real estate market changed pace from the torrid year over-year price increases seen earlier in 2022. However, average home prices are still 5.3% higher than they were in June 2021, and benchmark home prices are a significant 17.9% higher than they were only one year ago.
Consumers saw interest rates and inflation continue to rise, creating more balanced market conditions. However, as purchasers adjust to the increase in borrowing costs later this year, demand for housing will continue, supported by strong employment numbers, immigration TORONTO’S to major urban centres and record-high savings.
In Toronto, rents have skyrocketed by nearly 17% annually, creating the potential for increased demand from renters looking for the stability and economic advantages of home ownership in the coming months. 22%
In addition, the pipeline of potential buyers remains strong, with younger millennials, poised to become homeowners in the near and medium term, comprising a significant portion of the population in our largest cities.
