Toronto is expected to benefit from continued robust activity and price growth this year
In Toronto, housing demand remained robust on a historical basis in January, accompanying a dearth in listings that continues to trigger tight market conditions and strong year-over-year price growth.
The market saw a total of 5,636 sales last month, which was the second highest level for January despite being 18.2% lower on an annual basis, according to the Toronto Regional Real Estate Board.
New listings had a rate of decline similar to the sales volume, falling by 15.5% annually. Active listings stood at 4,140 units as of the end of January, representing a 44% drop and reaching their lowest level in more than two decades, the TRREB said.
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“The continuation of tight market conditions resulted in a 33.3% annual increase in the MLS Home Price Index Composite benchmark,” the TRREB said. “Similarly, the average selling price was up by 28.6% year-over-year to $1,242,793.”
Together, these factors will keep the Greater Toronto Area a dominant force in the national market in 2022, the TRREB said.
“Total home sales reported through TRREB’s MLS System in the GTA will reach 110,000, representing a dip from 2021, but still a strong result in comparison to previous years,” the TRREB predicted. “The average selling price for all home types combined is set to climb to $1,225,000, an approximate increase of 12% when compared to last year.”
