What began as an extension of 2021’s high-flying real estate buying and selling frenzy soon enough tumbled and fell to a near standstill with the Bank of Canada’s hiking interest rates. As rates rose, resale home sales fell and property sat on the sidelines far longer than expected, bucking the norm that Toronto’s Sellers had become accustomed to - transitioning Toronto from a strong ‘Sellers Market’ into a ‘Buyers Market’. Paradoxically 2022, much like 2021, remained another challenging year for home and condo Buyers due to supply and affordability, however the forces at play were quite different. We’ve taken a retrospective look at the year 2022 and identified the following three insights.
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