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.
- January sales (5,636) were 18% below last year but were the 2nd highest ever for the month of January on TRREB
- Active Listings (4,140) were the lowest ever for the month
- The ratio of sales-to-listings remained “over-the-top” at 136% in January– keeping us in an ULTRA-busy seller’s market
- The January average sale price came in at $1,242,793– and rose to 28.6% above one year ago and 48.3% above the January 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 13 days-on-market
- Detached home sales in January 2022 with a purchase price over $2,000,000 were up 75% (550 houses) while condo apartment sales over $2M were up 400% (15 suites) compared to January 2021
- The CONDO townhouse / highrise share of the market came in at a big 43.5% during the month and condo sales (2,449) were the 2nd highest ever for the month of January
- Downtown condo active listing numbers were dramatically lower… by 57% in C01 and by 50% in C08 from last year
- January year-over-year downtown condo sales were lower in both C01 (-16% & 2nd highest since 2000) and in C08 (-10% & 2nd highest ever) compared to 2021 with specific monthly average sale prices showing 16% to 20% increases year-over-year
- The downtown condo days-on-market average increased slightly to 22 days (C01) & dropped slightly to 21 days (C08)
- The ratio of sales-to-listings for condos downtown jumped in C01 to 124% and in C08 to 117% leaving both condo districts in extremely busy seller market territory
- January 2022 continued the trend we’ve had the past several months of low listing inventory and high buyer interest
- January saw detached homes in the 905 appreciate year-over-year by an average of 30.4% and 905 condominium average sale prices rose by an average of 31.6%
- 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
Keep Up To Date With Toronto's Real Estate Market
Every month we communicate with our readers to give them accurate insights and statistics about what's happening in the Toronto and GTA real estate markets.
Subscribe to our free monthly FYI Newsletter HERE