02.10.2022 | Market Report

Real Estate Market Report: February 2022

Buyers were still out in full force in January leading to strong demand. When you couple that with listings in short supply we continue on with our tight market conditions and strong price growth.

Active listings at the end of January were down 44% from last year leaving us at the lowest level in over 20 years. While sales in the month were down from a year ago it still represented the second-best January on record.

So you may be asking, why do we have such a low supply? Simply put, fewer Sellers are putting their homes up for sale. However, when something is listed, there are plenty of buyers that want the home and quickly.

The average selling price in the GTA has sky-rocketed up by 28.6% to $1,242,793 compared to a year ago at this time. Look at the carousel of images below to see your city’s average sale price.

The expectation is that 110,000 homes will change hands this year in the GTA. A very strong number historically. We are seeing prices increase in 2022 already and I’d expect that to continue.