Top 10 Real Estate News Stories in the Greater Toronto Area: 2022

#10. Federal government places a two year ban on foreign buyers of residential real estate.

#9. Post-Covid reverse migration of homebuyers relocating back to the City as employers encourage workers to return to downtown offices.

#8. Toronto passes a Vacant Home Tax of 1% effective January 2023

#7. Rooming Houses Legalized Across City of Toronto

#6. Volume of residential transactions decreases by double digits year over year as Buyers play Wait and See game.

#5. City legalizes Laneway Houses and Garden Suites

#4. Average Sale Price of all home types combined, down 7.2% year over year.

#3. Toronto Rental Market prices increase by almost 30% Year over Year

#2. City of Toronto Housing Plan aims to add 285,000 new homes in the next decade.

#1. Bank of Canada issues multiple policy rate increases resulting in Mortgage Rates more than doubling, significantly impacting lending costs for homebuyers.