by Nutan Brown
on Tuesday, January 11th, 2022 at 12:41pm.
The number of available properties for sale hit record-low levels in December across Canada’s largest housing markets, causing home prices to remain at or near their all-time highs.
A new TRREB report shows 6,031 sales for the month of December - historically strong results, but still down more than 1,000 transactions compared to the record of 7,154 set in December 2020.
The average home price in Toronto reached $1,157,849 for all home types, representing a 24.2% year-over-year increase. Detached homes lead the way at an average price of $1,568,583, followed by semi-detached homes, townhomes, and then condos.
Despite continuing waves of COVID-19, demand for housing ownership sustained a record pace in 2021. Growth in many sectors of the economy supported job creation, especially in positions supporting above-average earnings.
This is reflected in the average home price soaring in 2021. With supply not meeting demand, we can expect home prices to increase leading into 2022. According to TRREB chief market analyst Jason Mercer, the only way to moderate price growth is to add supply of homes as history has shown that additional taxes on principal residences and foreign buyers have failed to be solutions.
Stay tuned for my 2021 year in review coming this week! Contact me if you have any questions