2022 Year End Real Estate Update

The Toronto real estate for just released their year end numbers for 2022.  You may see a lot of messages from realtors hyping the fact that prices were actually up here over a year 8.6% in Toronto, but that does not tell the whole story!   I've done a 3 minute video with my findings & predictions for 2023  - the link is above.

I thought it would be more interesting to take a look at the first half of the year vs. the second half of the year to see what was really happening!

I took a look in depth at detached homes in Toronto as well as detached house prices in Scarborough.   

As you can see by the chart below, detached house prices increased 4.45% in Toronto year over year, but declined 17% when you compare first & second half of 2022:

Toronto House Prices year over year comparisonToronto Detached House Prices comparing first & Second half of 2022


This puts second half 2002 prices down versus average prices in 2021 - down 7% in Toronto 

You may recall the media announced a 14% drop in prices last year and you can see by the numbers we have had a significant drop since Spring 2022 - over and above the media numbers.   The drops have been steeper as you move away from the core (remember, these were also the areas that showed the highest spikes in increases in the spring. too)

Spotlight on Scarborough

The past 5 years showed exponential growth in home prices in Scarbororough.  

Scarborough mirrored Toronto trends of a 17% drop comparing first and second halves of 2022: 

This puts second half 2002 prices down versus average prices in 2021 down 6.3% in Scarborough, at July 2021 levels. 

2023 Predictions

2023 may be an unprecedented year!  Yes, we have seen interest rates this high (and higher) in Toronto - but never when house prices have been so high.

Once the bank of Canada gets insulation under control at around the 2% level you can expect to see interest rates, stabilize and perhaps drop. With that consumer confidence will rise. Experts are predicting this will happen in the second half of 2023.   

There is a feeling that January and February may continue to see low housing prices, although that may be affected as people are reluctant to list their homes - housing scarcity may  result in lots of bidding wars!

 I’m continuing to see well priced, beautifully presented and renovated sell over asking price as they attract multiple buyers.  

An artificially low listing price may still continue to attract multiple offers, too.  

 And with prices lower in many first time home buyer price ranges, there is competition for homes that represent great value. 

Recent Blog Posts

Explore this incredible opportunity in the heart of Markham's housing market! This centrally located 4-bedroom Markham home is now for sale!  It sits on a deep private lot with an expansive backyard – perfect for family living. Recently renovated with brand-new flooring and a fresh coat of paint throughout, this residence boasts an inviting eat-in kitchen equipped with stainless steel appliances. The spacious bedrooms and separate side entrance offer versatility and comfort. Enjoy the bright, airy atmosphere thanks to ample natural light streaming through the large windows in the generous basement, ideal for relaxation and gatherings. Situated on a serene, low-traffic street, this home epitomizes convenience. 

It's a short walk to schools, parks, public transit, Centennial GO station, Markville Mall, and the vibrant shopping district along Highway 7.  You can even walk to grocery stores! This is great for commuters – an almost unheard of walking proximity to everything you need that’s rarely found outside the city core. Don't miss this opportunity to make this fantastic home in one of Markham's prime locations yours!


A disturbing trend I've come across recently is the fraud in the rental space.   As an agent who handles a fair share of rentals; these issues have shown up over several ways this year.   I'll tell you about 3 instances I've had and the red flags that appeared with each! 

When I'm representing a landlord and an application comes in, I spend a lot of time going through an applicants documentation and getting references and looking through their background.  Here's what I do:

  • Call their employer by finding the employer's website and calling through their office to confirm employment.  I don't just call the supervisor on the application
  • Look carefully at the documents to see if they are real; company letterhead & credit reports can be faked or bought
  • Check social media & linked in
  • Call past landlords
  • Make sure there is a building at the address they're currently renting
  • Check that the landlords name and property owners names match.   If it's an apartment building call through the property management company if it's an apartment rather than calling the number provided.
  • Look at the credit report for signs of altering

With those things in mind, let's look at 3 things that have happened to me this year!

1.  Student rental Scam - fake rental and landlord

First of all, you should never have to pay to submit a rental application, or be asked for a deposit before you get a chance to see the place.   These scams are generally ads on sites like Kijijii and Facebook for rentals that look too good to be true.  They also steal MLS listings for homes and advertise them at lower rates.  I came across one recently through a family friend desperate for some student housing.  It was a big scam; and when I called them out they 'protested too much'.    Here's how to spot these scammers:

  • They demand payment to submit a rental application
  • They demand a deposit before you see the unit
  • Makes excuses why they are not available to speak to on the phone 
  • Will only communicate through messenger, text or email
  • The advertised price is way lower than other rentals
  • Their Facebook profile was just created
  • Their Facebook name does not match their user name ID (see the URL) 

2. Fake Rental Applications   

There are some very good forged documents out there.  I had some people submit an application on a lease I was advertising and here's what I found during the checks, among the other checks I did as above :

  • Inconsistencies in addresses on the application
  • Employment letter does not look real - no header or footer with information on the company letterhead

3. Forged Tenacy Papers

I had a call from a gal who had a great story, good employment, good credit, moving to Toronto from outside the city for work, can't come in to look for a place so needed virtual showings.  Could I help her find a place.  Sounds great right?  

Now I don't usually check tenants out before I help them (and I'd helped out a client with an out of town move this year already in a similar situation)  But with everything going on right now, I felt it couldn't hurt to see what her references would say.   So she sent in her application & 

then came the paperwork - the address of her job didn't match up with her story.  The company had never heard of her or her supervisor.  There was even no property listed at the home she had put for her address!  Other red flags for scammers include what she did:

  • get overly upset when called out 
  • provide complicated excuses for 'mistakes' on application forms
  • call the fact checker a liar, unprofessional, etc.

So be careful out there folks! 


A big thank you to the communities of Guildwood, West Rouge & Port Union for the terrific support last Saturday for my Community Shredding Event.  About 30 families participated - and their generous food donations filled our Jeep to the brim!   The food donations were taken straight to Feed Scarborough - the Scarborough Food Security initiative and will be distributed to local satellite food banks in the area.   Judging from the huge line up outside the Manse Rd. food bank Saturday, it's much needed. 

Chartwell Guildwood was my partner for this event and provided the venue and great snacks.  Thank you Kelly & Dianne for your wonderful support.  As always, Papersavers was gracious, friendly, professional and helpful!  

One interesting sideline - My husband, myself, Dianne and Alex from papersavers all grew up within the same area!   Such a big city/small world!