February 2022 Toronto Real Estate Market Update 🏡☃️
Monday Feb 07th, 2022
The year 2022 is off to a phenomenal start for homeowners! 🏡🏆
All housing sectors in both Toronto and the suburbs, saw double-digit percentage increases when it came to home prices. The housing sector that saw the highest increase in value, on average, continues to be semi-detached homes in the 905 suburbs with a remarkable +37.3% increase in prices over the past year. On the flip side, the housing sector that saw the lowest increase in value, on average, were detached Toronto homes which still saw a significant +19.2% increase in prices between January 2021 to January 2022.
The average property price increased by an incredible +28.6% to $1,242,793 over the past year.
What continues to drive up housing prices so dramatically?
It all comes down to supply and demand!
The demand to purchase housing remains consistent and high, while the number of properties for sale continues at a historical low with -44.0% fewer properties for sale compared to the same time last winter. The GTA has less than one month of housing inventory meaning if our demand for purchasing homes continued for one month straight and we only had our current supply of properties available for sale, the GTA would completely sell out all the properties for sale by the end of one month! In working towards a solution, it is critical for all three levels of government to focus on building more housing supply, in order to meet demands.
Tips for Selling
*many homeowners planning to sell a property this first half-year are waiting for the Spring market. If your timing is flexible, consider marketing your property for sale this winter when there is less inventory to compete with. There are still many purchasers vying for a home. Remember, less competition on the market as a seller often translates into a higher sold price!
Consider working with a team that provides an effective marketing strategy to maximize your property's exposure in order to achieve a higher sold price.
Tips for Buying
*some of us might be asking "are we better off waiting until Spring or Summer to purchase when there are traditionally more properties for sale?" There are a few considerations linked to that thought: typically, most individuals & families prefer to move during the warmer months which increases the number of purchasers in the Spring & Summer and that leads to increased competition as well. Along the lines of competition, Canada is expecting to take in over 400,000 new residents through immigration this year; a substantial number of these new residents will relocate to the GTA. With housing inventory already strained due to high demand and low inventory, speculators are concerned that our ambitious immigration policy will further tighten both the rental and sale markets. Secondly, by waiting until the Spring or Summer months, if your salary or savings are not increasing at the same rate or more than the rate of housing price increases (we're seeing annual price increases between 15% to 30% on average) then we either are pricing ourselves out the market by waiting or we may require to make further compromises in our home search. These are some key points to consider if you are contemplating a property purchase.
Consider working with a team that can guide you in this fast-paced market and that has access to off-market exclusive listings including VIP broker pre-construction pricing, to provide you with more options!
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