Based on past records, January is a quiet month and snow generally hampers real estate activities, not to mention Omicron. Such is not the case this year as the trends in late 2021 continues with less supply, high demand, and higher prices.
The first month of this year saw 3,110 new listings come to market. The average sold price jumped by 23.8% YOY at $1,073,111 while days on market decreased to 13.
Without exception, average prices are up across all housing categories compared with the previous month or January 2021 in Toronto and the GTA. See below for details:
👉 The average sale price of townhomes shot up to $1,450,940 ($1,252,131), a whopping 32.2% (11.2%) YOY.
GTA – $1,083,000 ($994,690) average sale price, 34.8% (29.4%) YOY
👉 Detached home are still much in demand selling on average for $1,886,413 ($1,698,178) and 19.3% (15%) YOY.
GTA – $1,741,318 ($1,598,735) average sale price, 28.3% (28.8%) YOY
👉 Semi-detached homes are at 22.1% (15.7%) YOY with an average sale price of $1,471,535 ($1,342,429).
GTA – $1,312,273 ($1,181,046) average sale price, 31.5% (25.6%) YOY
👉 Average sale price for condos is still on the rise at $760,643 ($730,792), 21.7% (16.7%) higher than in 2021.
GTA – $748,566 ($711,933) average sale price, 24.5% (18.5%) YOY
All YOY figures posted double-digit increases and all average prices are up. It seems that the real estate market is poised to break a few more records this 2022. While this is happy news for many sellers, this does not bode well for buyers who are already competing for fewer options. Everyone is anticipating the BoC’s move to increase interest rates and how it will affect market conditions.
Whether you are a buyer or seller, benefit from professional help. If you have questions or need assistance, send us a message. We are always happy to discuss.