What buyers and sellers are saying about the months ahead

The latest consumer buying and selling intentions are in. Each year, TRREB and Ipsos poll GTA residents to gauge consumer sentiment on the housing market, including buying and selling intentions in the upcoming year.

Buyers remain steady

The number of buyers who said they were very likely to purchase a home in 2022 was similar to results from 2021. But, when it comes to first-time buyers, their intentions to take the plunge into the market dipped for the GTA overall. When we drill down a bit deeper, we see that while there were fewer prospective first-time buyers in the suburban regions surrounding the city of Toronto, the number of intending first-timers actually increased year-over-year in the 416 area code. Stronger first-time buyer intentions in Toronto will continue to support a resurgent condo market.

The bottom line is that those who are looking to buy a home will do so in 2022. However, some may put their decision on hold, partially due to higher borrowing costs.

Homeowners staying put

On the supply side of the market, results showed fewer homeowners are likely to sell. Overall, 35 per cent of homeowners who took the survey said they would consider selling in the next four months. This is down one point from last year and four points from 2020. A high number also shared they wouldn’t consider selling because they are satisfied with their current home. The poll also found that moving costs, land transfer taxes, and mortgage qualification rules will also prevent new homes from hitting the market. This means the supply of listings will remain constrained in 2022, resulting in continued competition between buyers and very strong upward pressure on home prices.

Discover more drivers and trends

If you’re interested in delving deeper into the latest buying and selling intentions, discover TRREB’s 2022 Market Outlook & 2021 Year in Review report. Inside, you can uncover more trends in the new home, condo and commercial markets. Or, explore the digital digest for sought-after takeaways, plus access the full report.

You can also visit trreb.ca to connect with a TRREB member realtor and search listings in real time on any device.