March 17, 2022

(Note: Numbers in parentheses are from last January)

Since 1991, Vancouver held the title of most expensive housing market in the country. Last February, this title passed on to Toronto (and the GTA) after an increased number of new listings to 4,889 (3,110), a year-over-year increase of 21.6%, and an average sale price of $1,210,889 ($1,073,111). Days on market decreased from 13 to 11, nearly half what it was in February 2021.

Average prices are all up compared to the same month last 2021. All housing categories also sold for higher than last January’s averages with a single exception. See below for the breakdown:

  • Detached homes proved the most highly priced going on average for $2,073,989 ($1,886,413) and 23.1% (19.3%) YOY.
    • GTA – $1,797,203 ($1,741,318) average sale price, 31% (28.3%) YOY
  • Semi-detached homes are at 13.2% (22.1%) YOY with an average sale price of $1,499,489 ($1,471,535).
    • GTA – $1,358,415 ($1,312,273) average sale price, 29.6% (31.5%) YOY
  • Average sale price for condos continue to rise, exceeding the 800K mark at $822,090 ($760,643), 21.4% (21.7%) higher than in 2021.
    • GTA – $799,966 ($748,566) average sale price, 24.6% (24.5%) YOY
  • Townhomes sold for $1,416,044 ($1,450,940) on average with 22.8% (32.2%) YOY. This is the only housing category with an average price lower than last January.
    • GTA – $1,121,641 ($1,083,000) average sale price, 30.5% (34.8%) YOY

What do these figures tell us? It is still firmly a seller’s market. Many housing options sell for higher than the list price causing buyers to dig deeper into their pockets. Competition is fierce. Good options do not stay long in the market, usually just a week or under.

Throughout the pandemic, we’ve seen record after record broken and even seasonal trends change. It is definitely a good thing that we finally have an upward movement for new listings. If this continues, coupled with interest rate increase that is expected to curb demand especially from investors.we just might see a moderating of prices as we welcome spring.

In any case, the market seems poised for a change but we just don’t know yet which direction it will take.

Whether you are a buyer or seller, benefit from the best kind of professional help. If you have questions or need assistance, send us a message. We are always happy to discuss. 📩

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