2022/03/15 | Team Hani Al Olabi
WHAT'S HAPPENING IN THE MARKET?
Sales activity in the GTA fell from record levels in February, but that didn’t stop home prices from hitting a new all-time high. With inventory remaining exceptionally low, it will take some time for the pace of price growth to slow and moderate.
Looking at February 2022, the average selling price in the GTA was $1,334,568. An overall increase of 27.6% compared to last year of February, marking another all-time high.
This increase in price is evident across all home types with the highest being Townhouses which was up 32.9% when compared to last year. Townhouses were followed closely by Detached properties which increased dramatically by 31.1% from $1,370,437 (Feb 2021).
In February 2022, we had 9,095 transactions, a 17.1% drop from last year.
Last month, we started the year with only 3,232 active listings in the GTA. Since then, active listings have increased by 3,753 listings to 6,985. However, when compared to February of last year, we are still lower by 20%.
This decrease in inventory is observable across all home types with the lowest (repeatedly) being Condo Apartments by 24.6%. Again, we are experiencing a surge in demand for condos because of the rising prices of other property types, leaving condo apartments to be the most affordable entry to homeownership.
If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.
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