SOLUTIONS
A home is key to building a better and brighter future.
It provides shelter and the neighbourhoods we live in are a backdrop to where we work, live and play. These communities all offer access to jobs, resources and social services. Together, they create a home and the quality of life that we all desire.
SOLUTIONS
Our work here is not done.
This annual market outlook report has shared solutions on the future of housing for almost a decade. Looking ahead, TRREB will continue to be at the forefront of making recommendations that help bridge the gap in the supply of housing between single-family homes and high-rise condominiums to ensure a diversity of home types are available in communities throughout our growing region.
SOLUTIONS
Our real estate market continues to endure and remain resilient.
Growth in this sector plays a crucial role both in the economic success of our country and in keeping home ownership as a realistic aspiration for Canadians.
SOLUTIONS
Through the challenges that the pandemic has presented us, and which we continue to face, the foundations that made Toronto that magnet for global talent and opportunity remain intact.
People from all over the world are continuing to choose to live and invest in Toronto and be a part of our thriving city. The re-opening of our borders will show that to be true.
SOLUTIONS
Our plans encourage innovative approaches, such as laneway and modular housing, to help every Ontarian find the home that meets their needs and their budget.
This includes giving municipalities greater flexibility to plan for growth around major transit station areas, but we need municipalities to put these tools to use to unlock housing in their communities.
SOLUTIONS
Our government is working to truly make taking transit the better way
Working across the entire region, we’re working with a few key priorities in mind: Transit should be affordable and accessible for everyone. Transit should be comfortable and convenient. Transit access should not be a barrier for someone seeking a better job. Transit should be a simple solution that is easy to navigate.
2021 YEAR IN REVIEW
A Look Back at GTA Market Trends
Demand for residential real estate in the GTA remained at or near record levels through the second half of 2021.
Immigration started
to pick up in 2021
Increased immigration will be a key driver of housing demand moving forward.
- ONTARIO IMMIGRANTS
Record average price near $1.1M
Low housing inventory plus strong competition between buyers continued to drive up the average selling price for all homes combined.
$1,095,475
2021 average price 17.8% increase from 2020
Strong sales growth across the GTA
A resurgent condo segment resulted in very strong sales in Toronto.
36.9%
Toronto
35.3%
York
25.2%
Peel
14.2%
Durham
19.7%
Halton
Year-over-year sales vs new listings
Record Home Sales 2021
+28%
compared to 2020
New Listings
+6.2%
compared to 2020
Sales up across home types and regions
Low-rise sales were highest in regions surrounding Toronto; condo sales accounted for a large share of the total in Toronto.
- 416
- 905
Home prices up across all types
Strongest price growth was experienced in low-rise segments, but condo growth picked up as well.
- Attached
- Detached
- Townhouse
- Apartment
Mortgage qualification rate remained constant in 2021
Even through contract rates edged upward in 2021, qualification rates remained the same.
- osfi stress test rate
- 5-year contract mortgage rate
- osfi margin of safety
Navigating
the New Normal
Joint Research from the Toronto Regional Real Estate Board (TRREB) and the Toronto Region Board of Trade (TRBOT)
This report brings together insights from both business executives and workers to inform what the “new normal” may look like, focusing on how commercial and residential real estate needs, as well as work patterns may shift in response.
Need for a hybrid or flexible post-COVID working arrangement
Research from Maru Public Opinion demonstrates there is mutual recognition between executives and workers that the pandemic has brought on permanent changes to the way people will work in the “new normal”. The changes that businesses make will have implications on access to talent and an overall impact on the commercial and residential real estate markets.
48%
Nearly half of respondents miss going to the office.
81%
of respondents report being happier working from home.
Returning to the office
43%
of respondents expect that they will either have the flexibility to work from home or from the workplace.
10%
expect that they will continue to work from home.
35%
expect that they will need to return to the office at least on a part-time basis.
12%
expect that they will return to the office on a full-time basis.
Employees expect a different post-COVID work culture
Employers interviewed recognize the need for a “people-first mentality” of understanding employees’ needs, ensuring offices are located in appealing areas and shifting to prioritizing outcomes instead of just time.
57%
More than half of respondents reported it would be very difficult for them to return to the office full-time.
38%
of respondents said they would look for another job if required to go back to the office full-time.
24%
of respondents said they would quit their jobs if required to return to the office full-time.
Since the pandemic began in March 2020, have you changed your residence?
13%
of respondents moved during the pandemic. The top reason being the need for more space to work from home, which is likely to remain a factor in housing choices going forward.
13%
Of respondents moved during the pandemic. The top reason being the need for more space to work from home, which is likely to remain a factor in housing choices going forward.
Transit faces short-term challenges, long-term opportunities
Executives said the limited reach of the existing network and “last mile” transit outside the core were obstacles to higher ridership levels.
26%
of respondents expect to continue working from home permanently post-pandemic.
Outlook for 2022
Policies will need to balance the desire to keep working from home while also making use of the office. Other policies will be needed to support hybrid models. Employers and workers have both indicated a willingness to meet this challenge with an innovative and courageous spirit – the coming year will present many opportunities to put that commitment into action.
READ RESEARCHCOMMERCIAL MARKET, NEW HOME AND CONDO SECTORS
Research from Altus Group
Learn what’s trending in the commercial market, including how industrial spaces are leading the way. Plus, discover highlights in new home sales and drivers in the condo market.
READ NOW
