Market Update: Toronto, ON January 2022
The Toronto Regional Real Estate Board reports a substantial decrease in real estate transactions compared to this time last year, mostly due to the historically low amount of MLS listings.
January 2022 recorded 5,636 real estate transactions throughout the Toronto area, an 18.2% decrease compared to last January, according to a recent TRREB report.
Active listings and new listings are both down year-over-year with only 4,140 homes on the MLS, a 44% decrease from last year. New listings saw a 15.5% decrease compared to January 2021.
Tight market conditions are continuing to drive up housing prices, with a 28.6% increase in the average sale price year-over-year, now at $1,242,793.
“In January, the demand for housing remained strong. Listings remained in short supply, resulting in tight market conditions and very strong year-over-year price growth. Because sales and new listings moved in relative lockstep, active listings at the end of January amounted to 4,140 – down by 44 percent to the lowest level in more than two decades.” Says Ana Santos, Toronto luxury real estate agent, in a recent instagram post.
Despite inventory at historic lows and demand continuing to drive prices up throughout Toronto, TRREB predicts 2022 to be busy with an expected 110,000 sales to occur.