Toronto’s average home price hits record $1.3-million but gains expected to slow
The typical home price in Durham, to the east of the city, jumped 45 per cent year-over-year to $1,056,300 in January, according to the board’s adjusted home price index. In York, to the north of the city, the home price index spiked 38 per cent to $1,409,500 and in Peel, which is northwest of the city, the home price index was up 38 per cent to $1,196,500. Home prices in the suburbs are nearing the same level as prices in the city of Toronto.
‘Demand isn’t going away’: Toronto-area real estate board expects prices to jump 12 per cent this year, with fewer first-time home purchases
The Toronto real estate board is forecasting the GTA’s record high home prices will climb a further 12 per cent this year to an average of $1.23 million for houses and condos. But the region already surpassed that average last month when homes sold for about $1.4 million on average – a 25 per cent year-over-year increase.
Rent in the GTA continues to rise, with double-digit increase forecast for 2022
Toronto-are rent prices continue to climb, with the average rent for any property hitting $2,167 in November – and no end in sight, with double-digit average increases forecast for 2022, according to the latest GTA rent report from Bullpen Research and TorontoRentals.com.
Renting a place in 2022? Here’s what you should know first
Last year, Noélla Ingabire listed a two-bedroom Toronto condo for $2,500 per month around May and barely had a handful of applications. Just months later, in September, she relisted the same unit and immediately got more than 30 potential tenants outbidding one another. Ultimately, the realtor rented out that condo for $4,000.