February 2022 Toronto Real Estate Market Stats
My name is Laurel Legate and I am a team partner and realtor with North Group real estate in west Toronto.
Where do I begin?
Is a balanced market on the horizon?
Not in the near future, but recent stats give us a hint at a very small dip in the this Seller’s market:
While sales are the 2nd best on record, they are actually down 16.8% from last year.
New listings were down, but only by 6.6% (the key here is that they weren’t down as much as sales)
Despite the above factors, 1 thing remains unchanged: competition. Listings are now selling in 9 days on average, which is substantially less time than 2021 (37.5% less in fact). This, as a result, drives prices which has now put the average sale price at $1,334,544 across the GTA.
Why should I care?
A hint of change = opportunity!
But we caution you to take it with a grain of salt. [Read: we predict accelerated price growth continuing]. If you want to buy, we will work with you to do this effectively in this window of opportunity.
Adding to this, the GTA still faces a very serious supply problem that almost all experts state won’t be resolved quickly or easily. Therefore, Sellers, it’s still your market & you can expect competition for your property.