February 7, 2022 | Market Update
Starting off the new year, a total of 5,636 sales were reported through the TRREB MLS System in January 2022, a number that is down 18.2% year-over-year. New listings similarly followed new sales, down 15.5% from January 2021. Although sales were significantly down from the previous year, January 2022 reported the second highest number of sales in history for the month.
With borrowing costs remaining at all time lows, a short supply of listings, and a strong demand for housing ownership, the housing market continues to experience tight conditions, resulting in a whopping 33.3% annual increase in the MLS Home Price Index Composite benchmark. Similarly, average sale prices jumped 28.6% year-over-year, from $966,068 in January 2021 to $1,242,793 in January 2022. Semi-detached homes and townhomes made the largest gains, with sale prices rising 31.5% and 24.8% respectively.
TRREB’s outlook for the remainder of 2022 predicts another strong year, with total home sales in the GTA reaching 110,000, with sales on track to increase another 12% from 2021.
There is no doubt that transacting in Real Estate has certainly transformed – Throughout this pandemic we have had the pleasure of servicing a number of our clients, resulting in successful and most of all SAFE transactions throughout. Severe precautions are in place, and while we keep those in the forefront, we are still here to offer our guidance and expertise to help you make the next real estate move that is right for you and find ways to take advantage of the current Toronto Real Estate Market. Contact us today for a no-obligation discussion on how we can help you throughout your real estate journey.