Toronto Market Report | January 2022
2022 started off much in the same way that 2021 finished for the Toronto real estate market with listings remaining at a critically low level which has prompted unprecedented year-over-year price growth.
This resulted in the 2nd best January market that we have ever experienced with little signs of slowing down as the year progresses.
What's truly astounding is the competitiveness of the townhouse sector which has seen almost 33% year-over-year appreciation and an average price of close to $1.1 million in January.
We'll likely see this continue in the coming years as townhomes provide a living style that fits a lot of the criteria which many home buyers currently have (i.e. more space ~ interior & exterior, more privacy, no elevators, etc).
There have been several discussions lately on municipal, provincial & federal levels about how to fix the serious issue of low housing inventory. This could help things in the long run but there's nothing really being proposed which will solve this problem tomorrow.
Stats
Here's the stat breakdown for January 2022 in the City of Toronto
- Sales | 5,636 (-18.2% vs. 2021)
- New Listings | 7,979 (-15.5% vs. 2021)
- Active Listings | 4,140 (-44% vs. 2021)
- Average price | $1,242,793 (+28.6% vs. 2021)
- Detached | Average price = $1,886,413 (+19.2%) | Sales = 476 (-7.6%)
- Semi-Detached | Average price = $1,471,535 (+22.1%) | Sales = 144 (-11.1%)
- Townhouse | Average price = $1,080,284 (+32.6%) | Sales = 203 (-21.6%)
- Condo | Average price = $760,643 (+21.7%) | Sales = 1409 (-17%)
It's kind of crazy to look at these stats and think that it could get even more intense later this year but there is a real chance of that happening if we follow on the same trajectory we have been over the past 2 years.
The only thing that might bring some relief is the fact that a lot of new construction projects are scheduled for occupancy in 2022/2023 and this always with inventory in the resale market for both condos and homes.
Summary
While inventory levels have remained at a very low level over the past several months, we have to remember that our winter market is traditionally always the slowest time of year with the least amount of showings.
Add the COVID19 lockdown restrictions on top of this along with the terrible weather and it becomes more logical that there has been so little inventory during this time.
Luckily we are already seeing more properties come on the market as we progress towards the spring market which is always our busiest time of the year so that should help the backlog of buyers currently looking.
Thinking of buying, selling or renting this year and have questions about the process?
Feel free to leave a comment below or message me on Instagram and I'll gladly get back to you :)
Rylie C.