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The GTA's Condo Prices Are Projected To Skyrocket In 2022 & RIP Your Wallet

Pass the tissues to prospective condo owners. 🤧

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 getting slapped with 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.

As a matter of fact, the costs of a condo are set to rise up by 12%. This will push the median condo prices to $763,800, which is an $81,800 jump from last year's fees.

Royal LePage Market Survey Forecast 2022

To add more insult to injury, the dramatic rise in the GTA's condo prices even surpasses the appreciation for detached homes (which is apparently the only spot in Canada expected to do so next year, too.) Sheesh.

“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,” Cailey Heaps, who leads the Heaps Estrin Team, Royal LePage Real

So, how is it holding up for other types of properties in the GTA? Well, single-family detached homes are likely going up by 10% to a median price of $1,564,200.

Part of the reason why prices are expected to soar next year is largely due to the increased demand from homebuyers who weren't able to find homes this year and those who are coming to Canada to find a new home. So, the unfortunate lack of supply pushes costs upward.

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.