The Toronto Regional Real Estate Board (TRREB) has released its real estate data for February 2022. With 9097 home sales reported through the regional MLS, year-over-year transactions were down 16.8%. Though sales were off from last year’s high, this February still represents the second highest sales total in history.
Though new listings were down 6.6%, they did decrease at a slower rate than sales, leading to a slight improvement in housing supply. There were 6985 active listings at month’s end, which is approximately a 24-day supply, heading into March. The supply increase is due to the condo sector, particularly in Toronto, where the number of new listings were up year-over-year.
The average February sale took place with 9 days on the market, at an average of 16% over the listing price. As we have been reporting, real estate in the east end continues to set the pace. In Durham Region, the average home sold for 29% above the list price in only 7 days. By comparison, the average sale in the City of Toronto was for 14% above the listing price with 11 days on the market.
Prices continued their upward trajectory in February. The average sales price reached a new high of $1,334,544, an increase of 27.7% over last year. The MLS Home Price Index (HPI) Composite Benchmark, which reflects annual inflation, was up 35.9% (+27.4% in Toronto).
Looking at price by category, detached homes sold for an average of $1,797,203, a year-over-year increase of 31%. The average price for semi-detached homes was $1,358,415 (+29.6%), townhomes rose on average to $1,121,641 (+30.5%), and the average price of condos was $799,966 (+24.6%).
While this week’s interest hike will no doubt impact some buyers, the current market remains mired in a supply shortage, and the demand for home ownership is strong. As we enter the spring market, if you would like to buy or sell real estate, be sure to speak with a member of the Harvey Kalles Real Estate sales team. We are here to help you navigate this fast paced market.