February 2022 RSS Feed

The Toronto real estate market started off the new year with a drop in home sales by more than 18% compared with a year ago, as fewer properties were listed for sale and market conditions tightened.

According to the latest TRREB report, a total of 5,636 homes were sold last month, down from the 6,888 sold in January 2021.

“There's buyers out there. They're just having a hard time getting the deal done,” said TRREB's chief market analyst.

The lack of homes on the market had a major impact on home prices in January, with the average price up to $1.2 million last month, a 28.6% increase from $966,068 in January 2021.

The board expects detached houses to remain most popular with intending buyers, especially in suburban areas.

With an…

The Toronto real estate market saw record breaking numbers in 2021. An increase in demand for home buyers caused prices to rise to an all-time average high of $1.1 million, while home sales jumped 28% to 121,712. With that year now over, what can we expect in 2022?

A new report by Royal LePage is forecasting that in 2022 prices in the GTA will rise by another 11%, with the average home price reaching $1,243,000 by the fourth quarter.

This growth comes despite expectations that the Bank of Canada will increase interest rates within the first 3 months of 2022, which will increase the cost of borrowing and potentially push some buyers out of the market.

“We finished 2021 on an unusually strong note,” said Royal LePage president and CEO Phil…