|February was another strong month for real estate sales in the Greater Toronto Area. In fact, February 2022 was the second-highest sales record in history for the month of February, only second to last February’s record high. The January-to-February average price increase was a whopping 7.38%, and this is following an equally shocking 7.34% increase from December to January. That means the average home price is up 15.26% since December. The average price for a detached 416 home is above $2 Million for the first time in history. Average listing days dropped to single digits, 9 days on the market.|
In spite of a strong sales month, and lack of supply to meet demand, there are some indicators that we may move towards a slightly more balanced market. New listings were down, but by a marginally lesser annual rate than sales. We’ll also see the impact of increasing mortgage costs in the coming months.
A total of 9,097 sales were reported in February, a 16.8% decrease compared to the 10,929 sales in February 2021.