January 12, 2022

 

(Note: Numbers in parentheses are from November)

It’s official! The past year ended with 121,712 sold homes and an average sale price of $1.095 million. That’s 7.7% more sales than the previous record set in 2016 and 17.8% above last year’s average sale price high. 2021 is firmly in the record books for the Toronto and GTA real estate industry.

As expected of the holiday season, Toronto listings took another dip with only 1,963 (4,249) new properties listed in December and sold properties down 11.7% (18.3%) at 2,395 (3,587) with the average days on market at 19 (17).

Average sale prices across all home categories are higher compared to December 2020 but lower compared to November 2021 with one exception. See below for details:
👉 Average sale price for condos is $730,792 ($745,951), 16.7% higher than in 2020.
GTA – $711,933 average sale price, 18.5% YOY
👉 Townhomes are at 11.20% (20.8%) YOY and sold at an average of $1,252,131 ($1,279,504).
GTA – $994,690 average sale price, 29.4% YOY
👉 Detached homes came with an average sale price of $1,698,178 ($1,807,983) and 15% YOY.
GTA – $1,598,735 average sale price, 28.8% YOY
👉 Finally, we come to the only category that bucked the trend for the previous month. Semi-detached homes at -7.7% YOY in November 2021 posted 15.7%. Average sale price also increased to $1,342,429 ($1,071,246)
GTA – $1,181,046 average sale price, 25.6% YOY

Although December figure were not spectacular, the vigorous pace that characterized 2021 was sustained. Hence, the multiple records set. Housing inventory was not able to cope with the surge in demand in Toronto and the GTA.

Several measures are set to take effect but we can only wait and see if these will result in greater housing availability and a less competitive market this 2022.

Whether you are a buyer or seller and have questions or need assistance, send us a message & we are always happy to discuss. 📩

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