The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs, with the number of transactions down on a monthly and annual basis. As has been the case with previous rate tightening cycles, some home buyers have moved to the sidelines to determine how they will reposition themselves in the marketplace given the higher rate environment and related impact on affordability.
Tight rental market conditions continued in the first quarter of 2022, pushing average rents closer to the pre-pandemic peak. Rental transactions were down year-overyear in the first quarter, largely due to the fact that rental listings dropped by an even greater annual rate. The result was increased competition between renters and double-digit rent increases.
The Toronto Regional Real Estate Board (TRREB) is applauding the federal government for making housing affordability a priority of the 2022 Federal Budget but is questioning the need and effectiveness of some of the announced actions. Specifically, TRREB is encouraged that the budget includes initiatives intended to increase the supply of homes for sale and rent but believes that other policies intended to artificially suppress demand will not have the intended effect.
Over the last five weeks, we have seen the horror unfold and the devastation caused by the ongoing conflict in Ukraine.
Men, women and children have lost their lives, been severely injured or displaced from their homes. Since the start of the war, it has been reported that more than three million people have fled the country while an estimated 18 million people in Ukraine are affected and suffering.
As REALTORS®, we believe everyone deserves a safe place to call home. TRREB has a long history of supporting shelter-based charities, food banks and helplines in the Greater Toronto Area through the Ontario REALTORS® Care Foundation. We feel strongly about helping, in any way we can, those in dire need as a result of the crisis and heightened tensions.
On behalf of our 67,000+ Members, we pledge to donate $100,000 to the Canadian Red Cross in support of humanitarian aid and urgent relief to those impacted by the armed conflict. The Red Cross teams on the ground are providing food, clothing, medical supplies and around-the-clock health care. Donations enable the Red Cross to respond to humanitarian needs not only in Ukraine but also in the surrounding countries, including immediate and ongoing relief efforts as well as long-term recovery.
As the crisis evolves each day, the strength and resiliency of the people fighting for their freedom has inspired us. Together, we stand with the global community and hope for a quick end to this conflict.
Toronto Regional Real Estate Board (TRREB) CEO John DiMichele is known as a dedicated leader, visionary, mentor, change advocate and community volunteer. It comes as no surprise that he’s received one of the highest industry honours, the 2022 Association Executive Network’s (AEN) Award of Excellence, at the Canadian Real Estate Association’s (CREA) Annual General Meeting (AGM) for his tremendous work and tireless commitment to the profession over the years.
Established in 1989, the AEN Award recognizes outstanding dedication and exemplary service by association executives who demonstrate professionalism, commitment and leadership within the community of REALTOR® associations.
John has a strong background in innovative technology, with more than 29 years of experience in real estate and association management. He has served in multiple leadership roles at the local, provincial and national levels. He continues to earn high accolades as an active member in both the industry and community across North America.
The award was created in the name of Frank Johns, a former Executive Vice-President of the Calgary Real Estate Board. Frank was a mentor and leader among Executive Officers and freely shared his expertise and wisdom for the betterment of the industry throughout his long career.
In accepting the award, DiMichele gave kudos to the boards of directors and staff he has worked with over the years and his current team at TRREB, who serve the over 67,000 Members of the largest board in North America. He is grateful to his family for their support in allowing him to dedicate a significant amount of time away from home to assist his Realtor family.
CREA is making a donation in support of SickKids in John’s name as his charity of choice.
A big congratulations, John, we’re so proud of you!
There were almost 11,000 Greater Toronto Area (GTA) home sales reported in March 2022, capping off the third-best March and second-best first quarter on record. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million. The average selling price dipped slightly month-over-month, bucking the regular seasonal trend.
The Toronto Regional Real Estate Board (TRREB) recognizes and acknowledges the current and impending impacts of climate change on our clients, community, and built environment.
We are committed to educating our REALTOR® Members on industry and government policies so they can support and encourage their clients to voluntarily:
- improve the energy efficiency of their homes,
- reduce harmful greenhouse gas emissions from their homes, and
- improve the resiliency of their homes to weather the impact of increasing natural hazards.
In addition, we advocate for continued government investments and incentives that support sustainable homeownership. TRREB recognizes the importance of government policies related to climate change, sustainability, and greenhouse gas (GHG) reduction.
Housing impacts the environment, and is also impacted by it. TRREB supports building a better tomorrow.
February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support double-digit price growth year-over-year.
The Toronto Regional Real Estate Board (TRREB) welcomes the recommendations from the Provincial Government’s Housing Affordability Task Force. Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future.
The GTA remains the primary destination for new immigrants and is at the centre of the Canadian economy. For far too long, governments have focused on short-term band-aid policies to artificially suppress demand. Current market activity highlights decisively that these policies do not work, and unless governments work together to cut red tape, streamline the approval processes, and incentivize mid- density housing, ongoing housing affordability challenges will escalate. On this point, we commend the City of Toronto for moving forward with initiatives to facilitate the creation of more mid-density home types, including their current deliberations on options to encourage more multiplex development across the city.
It is important that governments at all levels make this issue a priority. We need bold action by governments, so we are encouraged by the Task Force’s recommendations and look forward to reviewing them in detail and providing input to the Minister of Municipal Affairs and Housing.
TRREB continues to believe that the key issue that governments must address is an inadequate supply of homes available for sale and rent. The Task Force has warned that Ontario must build 1.5M homes over the next 10 years to address the supply shortage. This is equivalent to half the population of the City of Toronto. We hope the work of the Task Force will move us closer to addressing this issue in a meaningful way. Much of this issue must be addressed at the municipal level, so we encourage the Province and municipal governments to work cooperatively and collaboratively to benefit home owners, buyers, and renters.
Kevin Crigger, President, Toronto Regional Real Estate Board
Public Affairs Specialist
Torrential rainfall across British Columbia forced mass evacuations and extensive damage, with thousands of residents displaced from their homes.
Toronto Regional Real Estate Board (TRREB) REALTOR® Members know the integral role a home plays for individuals and families, which is why our Members have donated $100,000, through TRREB, to the Canadian Red Cross in support of flood and extreme weather relief efforts to offer a helping hand in a time of crisis to our fellow Canadians. With this donation, we are joining the efforts of other organizations, including numerous real estate boards and associations across the country.
Our Members continue to lend a helping hand in other ways to those in need. Since 2008, they have taken part in the $1 per Member per Month Every REALTOR® campaign, allowing organizations and charities to offer vital resources at a time when the most vulnerable in our society need it the most.
Together, we’re working as one to make a difference locally and nationally.
For more information on how our Members give back, visit TRREB.ca.
The market outlook for 2022 is calling for strong home sales in the Greater Toronto Area (GTA) with the average selling price expected to hit a new record. The latest polling conducted for the Toronto Regional Real Estate Board (TRREB) by Ipsos shows detached homes are on the top of the list for buyers while the percentage of first-time home buyers will likely drop this year. Meanwhile, January began the same way December ended with home sales down.