by Nutan Brown
on Thursday, February 10th, 2022 at 8:54am.
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 increase in demand for detached homes, many first time buyers will be pushed to more affordable housing such as condos. Expect the Toronto condo market to bounce back as we move into the spring.
Stay tuned for more real estate updates each month. As always, feel free to contact me if you have any questions or are thinking of entering the market.