ROYAL LePAGE: HOME PRICES IN GTA FORECAST TO CLIMB 11% THIS YEAR

Jan 14, 2022

By Bob Komsic

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Look for homes in the Greater Toronto Area to rise by double-digits again in 2022.
That from Royal LePage which says the aggregate price of a home rose 17.3% in 2021 to $1,119,800 as demand continued to outpace listings.
Now the real estate company’s telling homeowners to brace themselves for an 11% increase this year with the aggregate price forecast to climb to $1,243,000 by the fourth quarter.
This despite expectations that the Bank of Canada could raise interest rates as many as five times in 2022.
Royal LePage President and CEO Phil Soper says it will make homes more expensive and ”some people will get priced out of the market.”
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