Toronto home buyers have a difficult slog...

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our February 2022 Toronto real estate market report.
 
Again, the most noteworthy February statistic is the highest-ever average sale price that was attained.
 
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
 
February numbers came in second historically with 9,097 sales of houses and condos across the GTA.  Although 17% below the strong start of 2021, sales surpassed most previous Januarys.  An ultra-low supply of inventory contributed to keeping appreciation high.
 
Condo townhouse and high-rise suites had a record high percentage of total sales in February (43.5%) signalling condos are in high demand.  3,491 units were sold in the month making that the 2^nd highest-ever for the month of February.
 
The February 2022 average sale price for all GTA homes came in at $1,334,544… a big 27.7% increase compared to one year ago.  If you compare this February to February 2020, two years ago, the average sale price is up 78.5%.
 
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving.  The ‘active listing’ inventory average for the month of February was down 20% compared to last year at this time with just 6,985 active listings this year.  This is the 2^nd lowest that number has ever been during the month of February.
 
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in.  24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
 
With our busy market, the February ratio bumped up to 130.2% which is representative of an ultra-busy seller’s market.
 
The days-on-market average for GTA / Toronto homes was 4 days faster at 9 days.
 
Here’s a snapshot summary of the significant real estate milestones for Toronto in FEBRUARY 2022 as we begin the year.

• February sales (9,097) were 16.8% below last year but were the 2^nd highest ever for the month of February on TRREB
• Active Listings (6,985) were the 2^nd lowest ever for the month
• The ratio of sales-to-listings remained “over-the-top” at 130% in February– keeping us in an ULTRA-busy seller’s market
• The February average sale price came in at $1,334,544– and rose to 27.7% above one year ago and 78.5% above the February average in 2020
• This average sale price was the highest-ever recorded on the Toronto Real Estate Board
• The GTA real estate market overall averaged a quick 9 days-on-market
• Detached home sales in February 2022 with a purchase price over $2,000,000 were up 85% (1017 houses) while condo apartment sales over $2M were up 80% (27 suites) compared to February 2021
• The CONDO townhouse / highrise share of the market came in at a big 38.4% during the month and condo sales (3,491) were the 2^nd highest ever for the month of February
• Downtown condo active listing numbers were dramatically lower… by 57% in C01 and by 50% in C08 from last year
• February year-over-year downtown condo sales were lower in both C01 (-22% & 2^nd highest since 2000) and in C08 (-12% & 2^nd highest ever) compared to 2021 with specific monthly average sale prices showing 13% to 17% increases year-over-year
• The downtown condo days-on-market average dropped dramatically to 12 days (C01) & 14 days (C08)
• The ratio of sales-to-listings for condos downtown jumped in C01 to 117% and in C08 to 114% leaving both condo districts in extremely busy seller market territory
• February 2022 showed no change to the trend we’ve had over the past several months of low listing inventory and high buyer interest
• February saw detached homes in the 905 appreciate year-over-year by an average of 33% and 905 condominium average sale prices rose by an average of 34.2%
• Despite the recent mortgage interest rate increase and unless the Federal or Provincial governments get creative (and lucky) and enact some kind of successful restrictions on our market, you can expect the ultra-busy sales and low inventory numbers to continue well into 2022

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