TORONTO MARKET REPORT
Demand for housing remained very strong from a historic perspective in January 2022, while listings remained in short supply. This resulted in tight market conditions and very strong year-over-year price growth.
January 2022 had 5,636 sales reported through the TREBB MLS System, which was down by 18.2 percent compared to January 2021. Though sales were down substantially when compared to last year, the January 2022 result was the second-best in history for the month.
New listings were down to the lowest level in more than two decades. There were just 4,140 active listings in January, a decrease of 44% from the year earlier.
The continuation of the tight market conditions in Toronto resulted in a 33.3 percent annual increase in the MLS Home Price Index Composite benchmark. The average selling price was up by 28.6 percent year-over-year at $1,242,793, compared to the January 2021 average of $966,068.
If you are thinking about selling your home, there has never been a better time. Contact me today and let’s talk.