If you needed yet another reminder that Toronto is seriously unaffordable, well, here you have it. The real estate market in the GTA is projected to be even more expensive next year, and condos are predicted to see the highest price jumps.
According to Royal LePage's home price forecast for 2022, things are looking pretty bleak for prospective condo owners in the GTA.
Condo prices are set to rise by 12% in 2022. This will push the median price of a condo in the area to $763,800, an $81,800 jump from the same period in 2021.
Royal LePage Market Survey Forecast 2022
The GTA is the only area where condo appreciation is predicted to outpace the appreciation of detached homes, Royal LePage reports.
“Condos in the city of Toronto and in the greater region have rebounded with vigour, after taking a harder hit than any other major urban centre in the country at the onset of the pandemic,” said Cailey Heaps, a real estate agent with Royal LePage.
So, what are the predictions for other types of properties in the GTA? Single-family detached homes are set to go up by 10% to a median price of $1,564,200.
According to Royal LePage, increased demand from homebuyers who weren't able to purchase in 2021 as well as the need for more shelter will drive prices up.
A recent report from RE/MAX dropped its housing forecast for 2022 and the cheapest spots to buy a home in Ontario are expected to be in Thunder Bay and Sault Ste. Marie.
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