January's Market Watch for the GTA
Demand for ownership housing remained very strong from a historic perspective in January 2022. At the same time, listings remained in short supply, resulting in tight market conditions and very strong year-over-year price growth. New listings were down compared to this time last year as well as last month. Active listings at the end of January were actually down by 44 per cent to the lowest level in more than two decades. The the average selling price was up by 28.6 per cent year-over-year to $1,242,793.
This is a great time for sellers to take advantage of when the demand is so high. And if you are looking to buy… now is the time to purchase before prices continue to rise to unprecedented numbers.
December's Market Watch for the GTA
We can see a 24.4% increase in average selling prices compared to December 2020. In December we also saw a 15.7% decrease in residential transactions compared to this time last year. Finally, we see a 11.9% decrease in total new listings compared to this time last year.
Despite continuing waves of COVID-19, demand for ownership housing sustained a record pace in 2021.Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings. Added to this was the fact that borrowing costs remained extremely low. These factors supported not only a continuation in demand for groundoriented homes, but also a resurgence in the condo segment as well,” said TRREB President Kevin Crigger.One sales trend that stood out in 2021 compared to 2020 was the resurgence in demand for homes within the City of Toronto. Overall sales in the “416” area code were up by a substantially greater annual rate (+36.8 per cent) compared to sales growth for the surrounding Greater Toronto Area (GTA) suburbs combined (+23.6 per cent). The marked recovery in the condominium apartment segment was a key driver of this trend. Tight market conditions prevailed throughout the GTA and broader Greater Golden Horseshoe in 2021, with a lack of inventory noted across all home types. The result was intense competition between buyers, pushing selling prices up by double digits year-over-year. Looking forward, the only sustainable way to moderate price growth will be to bring on more supply. History has shown that demand-side policies, such as additional taxation on principal residences, foreign buyers, and small-scale investors, have not been sustainable long-term solutions to housing affordability or supply constraints,” said TRREB Chief Market Analyst Jason Mercer. Finally, the average selling price was up by 24.2 per cent annually to $1,157,849.
November's Market Watch for the GTA
There was a 2.5% increase in average selling prices compared to October and a 21.7% increase compared to November 2020. In November we also saw a slight increase in residential transactions compared to the previous month. Finally, we see a 13.2% decrease in total new listings compared to this time last year. This is still an advantageous time for sellers, however, we aren’t seeing the spike in prices that we were seeing in previous months. This is also desirable for buyers as the demand for buying typically decreases in the winter months making bidding wars less common.
October Market Watch for the GTA
October's Market Watch is in! There was a 1.5% increase in average selling prices compared to September and a 19.3% increase compared to October 2020. In October we also saw a 9.9% increase in residential transactions compared to the previous month. Finally, we see a 34% decrease in total new listings compared to this time last year. This is an advantageous time for sellers, as prices continue to steadily increase. While this may appear to be bad news for buyers, interest rates remain low making it much more desirable!