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Everyone knows that the GTA market has grown rapidly from the last year. Hence becoming the most expensive housing market in Canada. The previous year saw the average housing price rise from $955,889 to $1,163,323. The latest figures show that presently, a condo in GTA costs the same as a detached home in 2014.

GTA has a lot of economic momentum, the most populated region, and a hot spot for the industry, business, and jobs. With so many immigration streams open, immigrants give way to steady population growth. All these factors have contributed to the high level of housing demand. In contrast, the supply of condos, townhouses, semi or detached housing is considerably low to the demand. Many new housing projects are coming up, but even that does not seem to be able to fulfill the demand or reduce the gap between demand and supply. One way to satisfy the gap is to increase the interest rates and regulations on foreign purchases. The effects of these changes can only be determined in the coming times. People are expecting the end of pandemic conditions in 2022, which will give way to people returning to work, students returning to universities and a higher influx of immigrants. Hence, increasing the housing demand. It seems the future will have a considerable increase in condo prices which is till today less when compared to townhouses, semi or detached. The CMHC First-Time Home Buyer Incentives are also expected to boost condo sales. Overall, the opinions are that the real estate market in Canada will remain stronger throughout 2022.