December 2022 Market Update

12, 2022 - Market Analysis ARI

Looking Back at 2022 and Forward to 2023

We now can look back at 2022 and review what really happened.  Notable is the difference in number of transactions on the Toronto Regional Real Estate Board (TRREB) having dropped by approximately 46,500 from 2021 to 2022 (121,639 to 75,140).  It is important to remember that this decrease in number of transactions is coming off a record setting year in 2021.

Source of illustration TRREB/Financial Post


The stark differences between the number of transactions for Fall 2021 versus Fall 2022 is to be expected as Fall 2021 was the commencement of a period where buyer behaviour was very aggressive. As a result, we were seeing an excessive number of bids along with skyrocketing prices which eventually lead to a peak in February 2022.

Many of the headlines focus on year-over-year differences in average sale price in a given month.  While it is true that the average sale price on TRREB in December 2022 was 9.2% lower across the Greater Toronto Area (GTA) than that of December 2021 we like to focus on the entire year as a cumulative.  When stepping back and looking at the average price of properties that sold on TRREB in 2021 versus 2022 we note that there was an increase of 8.6%.


Looking forward to 2023, what we may see is a mirror image of 2022.  The front end of the year may be defined by lack of activity as both buyers and sellers navigate the unknown of interest rates, inflation and the impact of immigration.  It is expected that the interest rate announcement on January 25, 2023, will result in either a 25-basis point change or no change at all.  It is our belief that there will be no significant rate adjustments over the course of 2023 up or down bringing stability to the market and thereby comfort to both buyers and sellers so that the second half of the year will likely see increased transactions.

What is Happening with Sale Prices

Average sale price for all property types for the month of December dropped by 9.2% year-over-year to $1,051,216 in December 2022 from $1,157,837 in December 2021. Month-over-month we saw a -2.58% decrease from November 2022 to December 2022. On TRREB, for Toronto and the GTA, when broken down by product type and comparing December 2022 to December 2021 and November 2022 to December 2022, the average sale prices changes are as follows:


Sale Price Comparison
Product Type Changes from December 2021 to December 2022 Changes from November 2022 to December 2022
Toronto GTA Toronto GTA
Detached -4.1% -16.4% +4.3% -1.27%
Semi-Detached -13.8% -15.9% -2.94% +0.98%
Townhouse -11.9% -13.4% -11.67% -1.29%
Condominium +1.4% -5.2% +0.92% -2.34%

What trends are we seeing?

Overall price stability continues to be what we are seeing since July 2022.  The month over month change in average price has been nominal since July 2023.  The significantly reduced level of supply has been noted by many buyers considering a purchase at this time.  With the lack of inventory, it will be interesting to see which sellers have the confidence to place their properties on the market knowing that prices have increased from 2021 and that there are ready, willing and able buyers that currently have very little product to choose from.  This will dictate the length of time which we see the current market last before it transitions to a market we are more familiar with.

The Big Picture

February 2022 Peak to December 2022

Number of Transactions Trend

When comparing December 2022 to December 2021, we saw the following trend:

Categories December 2022 December 2021 Percentage Change
Number of Transactions 3,117 6,013 -48.2%
Number of New Listings 4,074 5,177 -21.3%
Number of Active Listings 8,692 3,231 +169.0%
  • When comparing December 2022 to November 2022, we saw the following trend:
Categories December 2022 November 2022 Percentage Change
Number of Transactions 3,117 4,544 -31.4%
Number of New Listings 4,074 8,880 -54.1%
Number of Active Listings 8,692 11,910 -27.0%


Looking into the different geographic pockets of Toronto and the GTA we notice the following changes in number of transactions when comparing December 2022 to December 2021 and November 2022. The breakdown per area and product type are as follows:

Number of Transactions Comparison
Product Type Changes from December 2021 to December 2022 Changes from November 2022 to December 2022
Toronto GTA Toronto GTA
Detached -44.9% -44.2% -42.8% -31.2%
Semi-Detached -45.8% -55.3% -50.9% -28.6%
Townhouse -47.4% -46.3% -38.2% -30.5%
Condominium -55.3% -47.4% +28.1% -17.9%

Footnote: Source of statistical data is from the December and November 2022 Market Watch report of the Toronto Region Real Estate Board (TRREB) MLS.

A – Monthly Percentage Change in the Number of Units Sold

B – Month Over Month Average Price Percentage Change

C – Seasonally Adjusted Month Over Month Average Price Percentage Change

D – Monthly Percentage Change in Average Sale Price

Recent Blogs

Useful Links

Recent Properties

9 Valhalla Inn Rd #1401 – Luxurious Condo in the Heart of Etobicoke

Welcome to the Luxurious Triumph at Valhalla Condos, located in the heart of Etobicoke close to Sherway Gardens, Toronto Golf Club, & the waterfront! Reach downtown Toronto in minutes with nearby access to Hwy 427 and the TTC! Enjoy panoramic views of the downtown skyline from the open concept living/dining room, ft. floor to ceiling window walls & walkout access to balcony. Modern kitchen perfect for entertaining all your friends and family ft. stainless steel appliances and a granite counter island w/ breakfast bar. Ample storage in the primary bedroom with large walk in closet. Multi-purpose, enclosed den perfect for a nursery, guest room, office, storage, and more

Opulent Executive Home in Prestigious Woodland Acres Estates

Opulent executive home in prestigious Woodland Acres Estates, one of the largest lots in the community! Exclusive double court location. Distinct and authentic ‘Art Boulle’ craftsmanship, bespoke interior design with high-quality imported materials. Large windows with country views, luxurious amenities include: 6 fireplaces, ‘Scarlett O’Hara’ staircase w/ hand-painted pickets/railing and decorative moulding throughout. Kitchen features centre island w/ granite counter, breakfast room and sunroom with walkout to large balcony overlooking the yard, ideal for entertaining. Fully finished walk-out. Lower level has large foyer, 5th bedroom/craft room, recreation room, games room, exercise room with wet bar, pot lights, ample storage and vast space for all your recreational needs. Scenic grounds with large trees, optimum privacy and mature landscaping in a park-like setting. Top ranked schools and all amenities nearby. Create lasting memories with family and friends in this distinctive home.


151 Avenue Road #603

Luxurious condo living in the heart of downtown Toronto, with superb finishes throughout! Ideally located in the prestigious Yorkville, one of Toronto’s most sought-after and luxurious communities. Walking distance to boutique shopping, renowned dining and entertainment options, public transportation and more! Sun-drenched 662 Sq Ft unit with an open concept design, Smart Lock front door, Smart thermostat, floor-to-ceiling window walls w/ Eastern exposure and walk-out to a large wrap-around balcony from the Living Room. Sleek kitchen w/ Bosch built-in appliances, glass backsplash, under-mounted sink and ample designer cabinetry. Extremely spacious primary bedroom with a custom walk-in closet ft. built-in organizers and private spa-like bathroom. Newer building (2020) with impressive state of the art amenities! One parking spot included.

Contact A Realtor

Fill in the form below and we will be in touch soon