07/02/2022
How did January look in the housing market? I've got you covered. Here's the Buzz 🐝
TRREB Stats for January 2022 are in! Demand for ownership housing remained very strong; however listings remained in short supply, resulting in tight market conditions and very strong year-over-year price growth. There were 5,636 sales in January – down by 18.2 per cent compared to 6,888 sales last year at this time. While sales were down substantially compared last year’s record result, the January 2022 result was the second best in history for the month. This result is in line with TRREB’s forecast for a strong sales result in 2022, but off the 2021 record.
New listings were down by a similar annual rate (-15.5 per cent) because sales and new listings moved in relative lock step, active listings at the end of January amounted to 4,140 – down by 44 per cent to the lowest level in more than two decades. Looking forward, TRREB's outlook for 2022 is as follows: Total home sales reported in the GTA will reach 110,000, representing a dip from 2021, but still a strong result in comparison to previous years; and the average selling price for all home types combined is set to climb to $1,225,000, an approximate increase of 12 per cent when compared to last year.
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