WHAT'S HAPPENING IN THE MARKET?
January began with home sales down, much like the end of December. According to the Toronto Regional Real Estate Board, January home sales dropped by more than 18% as prices continue to climb.

Looking at January 2022, the average selling price in the GTA was $1,242,837. An overall increase of 28.4% from $967,885 compared to last year of January. 

This increase in price is evident across all home types with the highest being Semi-Detached which was up 11.1% from $1,181,046 (Dec 2021) to $1,312,273 (Jan 2022). Semi-Detached was followed closely by Condo Townhouses that increased by 10.6% from $846,525 (Dec 2020) to $936,264 (Jan 2022). What is bizarre about these large increases across all home types is that it all happened within one month. 

In January 2022, 5,635 homes were sold, an 18.7% drop from 6,928 last January. 

Last month, we ended the year with only 3,232 active listings in the GTA. Since then, active listings have increased by 908, however, we are still significantly low. We are lower by 44% compared to January of last year (7,396). 

This dramatic decrease in inventory is observable across all home types with the lowest (again) being Condo Apartments by 52% from 3,067 to 1,472 listings. The surging demand for Condo Apartments is due to many first-time homebuyers struggling with affordability and rising prices. Of all home types, condos are the most affordable, that is why we are experiencing a significant decrease in Condo Apartment inventory.

If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

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