Demand for ownership housing remained very strong from a historic perspective in January 2022. At the same time, listings remained in short supply, resulting in tight market conditions and very strong year-over-year price growth.
There were 5,636 sales reported by the Toronto Real Estate Board in January 2022 – down by 18.2% compared to 6,888 sales in January 2021. While sales were down substantially compared last year’s record result, the January 2022 result was the second best in history for the month. This result is in line with TREB’s forecast for a strong sales result in 2022, but off the 2021 record.
New listings were down by a similar annual rate (-15.5%) as sales. Because sales and new listings moved in relative lock step, active listings at the end of January amounted to 4,140 – down by 44% to the lowest level in more than two decades.
The continuation of tight market conditions resulted in a 33.3% annual increase in the MLS® Home Price Index Composite benchmark. Similarly, the average selling price was up by 28.6% year-over-year to $1,242,793.
The average selling price for all home types combined is set to climb to $1,225,000, an approximate increase of 12% when compared to last year.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at casey@remaxhallmark.com
Casey Ragan
“Toronto’s Condo Authority”