February 2022 Market Stats

Dated: March 16 2022

Views: 30

Important Numbers for Midtown Residents:

Summary of Existing Detached Home Transactions in Midtown

The sales and pricing numbers above are for Midtown areas where we live. You can see that the average price well exceeds even the “416” average price of $2,073,989. Sales of homes in the high end range (above $4 million) are selling quite well.  

 

Economic indicators having the most effect on the market are increasing inflation (up to 5.1% this month), housing demand, lack of supply and immigration rates. The Bank of Canada raised its overnight rate to 0.25% this month signalling a trend upwards in interest rates. However, most analysts feel this will not fully counteract the upward pricing trend seen in the last few months. David Fleming of Toronto Realty Blog reports “The average price of a detached home in the 416 broke the $2 Million barrier for the first time, and did so in impressive fashion, checking in at $2,073,989, off a January figure of $1,886,413.  That’s a 9.9% increase in a month.”

TRREB Stats for February 2022

The stats above speak for themselves! In the core 416 where I live, you can see that average detached home prices are now well above $2,000,000.  In addition, there were only 786 sales in February 2022 which is down from last year’s February number by 13.4%. If you bought a home in February 2021 it's now worth 23% more in February 2022!

 

I have included a snapshot of the market report from TRREB so you can see numbers for all types of homes and locations.  If you would like to drill down further on these statistics please get in touch with me and I'd be happy to share these numbers with you.

 

One other thing - I am this information a couple of weeks after the stats were published. Since then, REALTORS are experiencing a loosening of market conditions. Where there used to be 10 offers on the table, we are now seeing only two.  Buyers are not going crazy with offering prices as much as they used to.  Perhaps this is due to interest rates starting the creep up, the impending flood of immigrants or the war in Ukraine.  In any event, this is positive news for buyers and maybe not so frenzied action on listings for sellers.

 

So what is the message for you? If you are a buyer, get financing in place and have your mortgage broker get a RATE HOLD for you. If you are a seller, make sure your REALTOR has their fingers on the pulse of the market so your pricing is not off and so you don’t leave any money on the table. 

I have lots more information available if you want to drill down and would love to talk about specific areas and products you might be interested in. 

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Martha King

Martha is a third generation Toronto resident with a passion for the city and all it has to offer: top notch schools, shopping, cultural life and outdoor activities abound in this cosmopolitan centre.....

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