The trend coming into the end of this year has been the same for the past couple of years. Strong demand up against a small supply of homes leads to an incredibly tight market. December has consistently been the strongest seller’s month of the year with 117% of all listings sold. To put it another way, for every 100 homes that came onto the market in December, 117 were sold. Yes, that’s right, it means that the market was even tighter coming into 2022.

With an average sale price in the GTA now above $1.1M we have reached an all-time high. This is an incredible increase of 17.8% over the end of 2020 which was in itself a record at $929K.

As we continue into 2022 you can expect this tight market to continue. With many buyers still actively searching for homes and a small supply of new listings I would expect prices to continue to rise in Q1 of 2022. This covers all home types: Condos, Townhomes, Semi-Detached and Detached Homes are all in short supply compared to the demand in place.

There are 3 key things to keep an eye out for in the coming months that could impact the real estate market.

• Bank of Canada Interest Rate Announcements
• Mortgage Rule Changes From OFSI
• Potential Government Legislation in the Spring Budget

These are the three most likely places that market-impacting changes could occur. As always, we’ll keep our pulse on the market and be here if you, a friend, or a family member need any advice or help when it comes to real estate.

GTA Market Report
January 2022