We continue to see the demand for homes outweigh the supply of homes, allowing for prices to continue to climb. Facts speak for themselves and here they are for January 2022 as reported by TRREB.
January Market Activity
- Number of sales in January, 5,636, were 18% below last year. Although they were the 2nd highest January ever on TRREB.
- Number of Active Listings, 4,140, were the lowest ever for January.
- The ratio of sales to listings remained high at 136%, keeping us in an very busy seller’s market.
- The January average sale price was $1,242,793. This is an increase of 28.6% over last January and 48.3% above the average in January 2020. This average sale price was the highest ever recorded on the Toronto Regional Real Estate Board.
- Homes in the GTA averaged 13 days on market which actually seems high to me because a lot of the homes I was looking at & watching were being sold with bully offers after just a few days on the market and certainly almost all were sold within the week of being listed.
- Detached home sales, with a purchase price over $2,000,000, were up 75% (550 houses).
- Condo townhomes & highrises share of the market was 43.5% during the month. Condo sales were the 2nd highest ever for the month of January.
- Downtown condo active listing numbers were dramatically lower… by 57% in C01(west end) and by 50% in C08 (east end) from last year.
- Year over year downtown condo sales were lower in both C01 (down 16% but still the 2nd highest since 2000) and in C08 (down 10% & 2nd highest ever) compared to 2021. Specifically monthly average sale prices showing 16% to 20% increases year over year.
- The downtown condos increased their average to 22 days on market (C01) & dropped slightly to 21 days (C08).
- The sales to listings ratio for condos downtown was up in C01 to 124% and in C08 to 117%, both condo districts remained in a busy seller market.
- In January we continued to stay in the low listing inventory and high buyer interest.
- January saw detached homes in the 905 appreciate year over year by 30.4% and 905 average sale prices of condos rose by 31.6%. Each area is a little bit different but the increase as really pushed Buyers to figure out how far they want to move from the city.
Unless something unexpected happens, we expect the low supply and the high demand to continue well into 2022. If you'd like more specific information for your home or your neighbourhood, please don't hesitate to reach out to me.
