January 2022 Toronto Real Estate Market Statistics
Tuesday Mar 08th, 2022
Ownership housing demand remained very strong in January 2022 in the Toronto Real Estate Market. At the same time, listings were scarce, the market was tight and prices were rising strongly.
As you will see from today's Market Watch Report, both the Average Sold Price and Year-over-year Increase broke the historic record in January 2022.
According to the TRREB (Toronto Regional Real Estate Board), the continuation of tight market conditions resulted in a 33.3 per cent annual increase in the MLS® Home Price Index Composite benchmark. Similarly, the average selling price was up by 28.6 per cent year-over-year to $1,242,793, and an increase of $1,157,849 from December 2021.
New listings fell by more than 15 per cent to 7,979 last month from 9,438 during the prior January, while active listings took an even bigger hit, plummeting 44 per cent to 4,140 in January from 7,396 a year earlier.
There are more buyers than sellers, which results in multiple offers and high bid prices.
There were 5,636 sales reported through the TRREB MLS® System in January 2022 – down by 18.2% compared to 6,887 sales in January 2021. While sales were down substantially compared last year's record result, the January 2022 result was the second best in history for the month. The number of sales is capped by the limited supply.
Average days on market - traditionally during Winter months it takes longer days to list - 24 days in January 2021. For January 2022, the average days on market is 13. That shows how competitive the market is.
Across the board, detached, semi-detached, freehold townhouses, had all gained substantially. Condo market is coming back, as we have seen multiple offers and average sale prices from year-to-year increase from January 2021, as well as month-to-month increase from December 2021.
As most single detached homes are approaching average sales price of $2 Million, a potential region that is still considered affordable is Durham - located East of Toronto, and includes cities like Pickering, Ajax, Whitby, and Oshawa. The average detached home prices are $1.3 Million. Durham is the only choice that is affordable and offers detached family homes under 1.5M in the GTA.
Buying and Selling Toronto Real Estate
Whether you are buying your first condo, or selling a single-family home, Team Priscilla Han Realty can help you. We are proud to serve the whole Greater Toronto Area (GTA), including but not limited to Markham, Mississauga, North York, Pickering, and the City of Toronto. We help research properties that are best tailored for home buyers, providing them with instant notification of newly available properties, access to exclusive deals that are not on the MLS.
For property sellers, we have database of thousands of buyers-in-wait, 20,000+ combined subscribers on YouTube and TouTiao. Our "Your Home Sold Guaranteed, or I'll Buy It" program provides seller with a worry-free selling process. Our professional staging, photography, and videography service help seller present their property at their best and maximize exposure to potential buyers!
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