Happy New Year. We hope you have a healthy and happy 2022!
The Toronto Regional Real Estate Board (TRREB) has released the latest data, and it was a record-setting year for home sales across the Greater Toronto Area (GTA). With 121,712 transactions reported through the MLS System, total sales eclipsed the previous high set in 2016 by 7.7%, and were up 28% compared to 2020.
The housing story of the year was the lack of inventory. Despite new listings rising 6.2% year-over-year, they were unable to keep up with record demand, resulting in an extremely competitive market and an all-time high average-selling price of $1,095,475.
The other noteworthy trend of 2021 was the return of buyers to the 416. Any fears of an exodus after 2020 were short-lived, as the City of Toronto showed an annual sales growth of 36.8%. In contrast, surrounding areas were up 23.6% for the same period. This was largely due to a resurgence in demand for condominium apartments. Condo sales in general were up 52.2% above 2020 levels.
Turning to December, there were 6031 total sales for the month. Though historically strong, this was down 15.7% from last year. Over the same period, new listings fell 11.9%. With year-end active listings sitting at just 3232, there is less than a 17-day supply for the TRREB region.
The average December sale took place with 14 days on market, at an average of 9% over the listing price. Durham continues to see the greatest demand, with the average home selling for 19% above the list price in only 9 days. By comparison, the average home in the City of Toronto sold for 6% above list price, after 19 days on market.
We are now at the beginning of a new year. There are new challenges to be faced, most notably the fast-spreading Omicron variant, which adds a layer of complexity to the market. That said, supply has never been this low and demand remains extremely strong. If buying or selling real estate is your New Year’s resolution, speak to our team and ensure you have the necessary support to achieve a successful outcome.
