January 2022 Market Update
Monday Jan 17th, 2022
The Toronto Area Real Estate Board (TRREB) has just released fresh statistics, and it was a record-breaking year for property sales in the GTA. With 121,712 MLS System transactions recorded, total sales increased 7.7 percent from the previous high set in 2016 and were up 28% compared to 2020.
The lack of inventory was the year's housing story. Despite an increase of 6.2% in new listings, they were unable to keep up with record demand, resulting in an all-time high average selling price of $1,095,475.
The return of buyers to the 416 was another notable trend in 2021. Any fears of a mass exodus after 2020 were quickly forgotten, as Toronto's annual transaction growth rose by 36.8 percent. Surrounding GTA locations were up 23.6% for the same period. The increase was aided by a resurgence in demand for condos. Condo sales in general were up by 52.2% above 2020 levels, according to the report.
In December, there were 6031 total sales. Despite being historically strong, this was down 15.7% from the same period last year. New listings fell 11.9% over the course of the month, which is somewhat lower than usual. With year-end active listings at only 3232, there is less than a 17-day supply
The typical house sold in December after 14 days on the market, at a discount of 9% over the asking price. Durham, which was the most in-demand market, with homes selling for 19% above list price on average in just 9 days. The typical Toronto home sold for 6% over asking price after 19 days on market, whereas
With low supplies and high demand, the market is at a critical point in time. Supply has never been this low, and demand is very strong. If real estate is on your agenda this year contact Alex to get professional real estate advice and service to help you navigate buying or selling your condo or house in 2022.
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