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2022: The Year in Review
Posted February 10th, 2023 under market updates.
January saw fewer sales than at any time in the last ten years, with only 297 sales in Brampton. The sales-to-listings ratio also remained below 50%, indicating a market solidly favouring buyers.
It was inevitable that there would be some sort of adjustment after the unbelievably rapid price rises of January and February 2022, when prices increased more than 30%.
Despite the fact that the market was still affected by COVID-19, from March onward, prices declined steadily. While normally this would cause the number of sales to increase, sales also fell, allowing prices to continue falling.
The table below gives an overview of prices from 2020 to the present day for various types of home. The price indicated for each year is the average over that whole year. These prices are for Brampton only; other cities have different price structures.
| 2020 | 2021 | change | 2022 | change | today | since 2020 | |
|---|---|---|---|---|---|---|---|
| Apartment | $459,700 | $515,600 | +12.2% | $619,600 | +20.2% | $568,500 | +23.7% |
| Townhouse | $567,000 | $691,200 | +22.0% | $797,000 | +15.3% | $677,200 | +19.4% |
| Semi | $762,400 | $931,200 | +22.1% | $1,076,000 | +15.5% | $915,900 | +20.1% |
| Detached | $970,800 | $1,239,800 | +27.7% | $1,390,400 | +12.1% | $1,201,600 | +23.8% |
When you consider that this table doesn’t include the price increases of 2019 (which were around 13-14%) or of 2018, it becomes clear what a huge overall increase we’ve experienced. Prices have doubled in only 7-8 years!
Despite prices falling from March 2022 onward, overall prices are still about 20% higher than in 2020.
You can see why a further adjustment is almost inevitable. The question is only whether it will take several years or come suddenly. Either way, I expect it will be followed by another upward trend.
Want to know more about current market trends? Just ask me, I'll be happy to help.
