by Nutan Brown
on Tuesday, March 8th, 2022 at 7:46am.
Home sales last month were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history.
According to the latest TRREB stats, there were a reported 9,097 sales in the Toronto area, representing a 16.8% decrease in the number of sales compared to last year.
The supply of listings for low-rise home types, including detached, semi-detached and townhouses, was also down year-over-year. In the condominium apartment segment, particularly in Toronto, new listings were up in comparison to February 2021.
“Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm," said TRREB President Kevin Crigger.
The average selling price of a detached home reached more than $1.7 million, with semi-detached properties at $1.3 million, townhouses at $1.1 million and condos nearing $800,000.
The reason for these soaring prices is largely due to demand outpacing supply, leading to bidding wars between the potential buyers.
Moving into the spring, TREBB predicts a "slightly more balanced" market, as more sellers enter the market and supply catches up to demand.
Stay tuned for our next market update to see how the spring market will affect Toronto real estate moving forward.
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