Zoocasa Report Shows Record Highs and Drops in GTA Real Estate Market in 2022

The situation of the Canadian real estate market in 2022 has been clarified by a recent analysis by Zoocasa, which shows that prices for homes in many markets reached record highs before declining as a result of rising interest rates. The analysis looked at how much property prices rose in 2022 in comparison to the average buyer’s yearly salary in 30 markets throughout the Greater Toronto Area.

The research states that the median price of homes in Brampton increased by almost $90,000, to $1,066,958. Given that the median income for residents of Brampton after taxes is $98,000, this represents a significant increase. As a result, homeowners with incomes comparable to the median would have taken home $9,250 more than their homes’ increases in value.

The highest increase in home prices as a proportion of median income was seen in the Region of Peel, where prices increased by 91.58% of the region’s $94,000 median income. This startling result indicates that a substantial problem with housing affordability for many local residents.

It is interesting to note that just three markets—Caledon, King, and Uxbridge—saw family incomes exceed property prices as a result of a drop in home values year over year. These were the only cities in Zoocasa’s analysis where prices actually decreased from one year to the next, altering the ratio of prices to income.

The smallest increase in home prices was seen in the Halton region, where the median home price increased from $1,155,958 to $1,155,958 by 56.17% of the average income of $103,000. Even though this rise is still substantial, it is still rather small compared to other GTA markets.

Prabhnoor Kaur