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.
There were 5,636 sales reported through the TRREB MLS® System in January 2022 – down by 18.2 per cent compared to 6,888 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. This result is in line with TRREB’s forecast for a strong sales result in 2022, but off the 2021 record.
New listings were down by a similar annual rate (-15.5 per cent) as sales. Because sales and new listings moved in relative lock step, active listings at the end of January amounted to 4,140 – down by 44 per cent to the lowest level in more than two decades.
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.
Looking Forward, TRREB’s outlook for 2022 is as follows: Total home sales reported through TRREB’s MLS® System in the GTA will reach 110,000, representing a dip from 2021, but still a strong result in comparison to previous years; and The average selling price for all home types combined is set to climb to $1,225,000, an approximate increase of 12 per cent when compared to last year.
Source: Toronto Real Estate Board