What’s it going to take to SLOW this market?

By: Thomas Cook

What’s it going to take to SLOW this market?

Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our January 2022 Toronto real estate market report.
 
The most noteworthy January 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.
 
January numbers came in strong historically with 5,636 sales of houses and condos across the GTA.  Although 18% 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 January (43.5%) signalling condos are in high demand.  2,449 units were sold in the month making that the 2nd highest-ever for the month of January.
 
The January 2022 average sale price for all GTA homes came in at $1,242,793… a big 28.6% increase compared to one year ago.  If you compare this January to January 2020, two years ago, the average sale price is up 48.3%.
 
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 January was down 44% compared to last year at this time with just 4,140 active listings this year.  This is the lowest that number has ever been during January.
 
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 January ratio bumped up to 136% which is representative of an ultra-busy seller’s market.
 
The days-on-market average for GTA / Toronto homes was one day faster at 13 days.
 
Here’s a snapshot summary of the significant real estate milestones for Toronto in JANUARY 2022 as we end the year.


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