Toronto home buyers have a difficult slog...

By: Thomas Cook

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 2nd 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 2nd 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.


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