03/09/2022
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February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support double-digit price growth year-over-year.
GTA reported 9,097 sales through the Toronto Regional Real Estate Board's MLSยฎ System in February 2022, representing a 16.8% decrease in the number of sales compared to February 2021. The supply of listings for low-rise home types (detached, semi-detached and townhouses) was also down year-over-year, but not by as much as sales. In the condo apartment segment, new listings were up in comparison to February 2021.
โDemand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm. Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs,โ said TRREB President Kevin Crigger.
The MLSยฎ Home Price Index Composite Benchmark was up by 35.9% year-over-year in February. The average selling price for all home types combined was up by 27.7% to $1,334,544. The pace of price growth varied by home type and region, but there was relative parity between low-rise and condominium apartment growth rates. โWe have seen a slight balancing in the market so far this year, with sales dipping more than new listings.
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