DECEMBER CLOSES OFF A RECORD-BREAKING YEAR FOR GTA
December marked the end of a strong seller’s market year in the Greater Toronto Area, with demand consistently outstripping supply. We reached historic records in the GTA for the number of sold homes and average sold prices. A total of 121,712 sales were reported this year, the highest on record. We reached an all-time high average selling price of $1,095,475.
In December, the number of transactions in the GTA was 6,031, a 15.7% decrease compared to the record of 7,154 set in December 2020.
The average selling price was $1,157,849 in December 2021. This is a 24.2% year-over-year increase.
New listings were down by 11.9% year-over-year.
The benchmark price for detached homes increased by 28.8% year-over-year to $1,598,735
The benchmark price for semi-detached homes increased by 25.6% to $1,181,046
The benchmark price for townhouse homes increased by 29.4% to $994,690, and
The benchmark price for condos increased by 18.5% year-over-year to $711,933
In the second half of December, we saw sales weaken as a result of low supply. A recent Bloomberg article estimates that only 3,200 homes are left on Toronto’s market after a record year. Dwindling supply has buyers competing and driving up home prices.
In December, Royal LePage Canada released its 2022 National Market Survey Forecast which predicts Canada’s national aggregate home price forecast to rise 10.5% by end of 2022.
The report also shares insights on the Omicron variant and how it may impact real estate. Other insights from this report include. GTA condo market price increases are forecasted to outpace detached homes in 2022. The ongoing challenges of supply and demand are also covered within this report.
To read this report in detail, click on the links provided:
Bloomberg “Only 3,200 Homes Are Left on Toronto’s Market After Record Year”