May 2022
Dear Friend,
The interest rate increases the Bank of Canada implemented to slow inflation immediately impacted the real estate market.
Yes, it became more expensive to purchase a home. Yes, it eliminated some buyers from being able to qualify for financing, but the most significant impact on the real estate market was psychological.
Almost overnight, it created a fear of the future. What would the impact on the economy be? What would happen to house prices in the GTA?
April 2022
Dear Friend,
The spring market kicked off with10,955 homes sold, the third-best March and second-best first quarter on record. The average price in March was $1,299,894, bringing the year-to-date average to $1,299,591, up 18.6 % over the 2021 year-end average of $1,095,381.
March 2022 Dear Friend,
February ended with the Toronto Real Estate Board reporting the sale of 9,097 homes, the second-best February in the history of the Board. Entering February with a shallow inventory of homes for sale meant that competition between buyers was intense, and prices had nowhere to go but up. In February, the average sale price was $1,334,544, up from $1,242,760 in January.
As I said last month, do not panic! Monthly fluctuations of the average price are expected, and overall prices will increase by 10-15% this year.
March 2022 Dear Friend,
February ended with the Toronto Real Estate Board reporting the sale of 9,097 homes, the second-best February in the history of the Board. Entering February with a shallow inventory of homes for sale meant that competition between buyers was intense, and prices had nowhere to go but up. In February, the average sale price was $1,334,544, up from $1,242,760 in January.
As I said last month, do not panic! Monthly fluctuations of the average price are expected, and overall prices will increase by 10-15% this year.
January 2022
Dear Friend,
The Toronto real estate market set several records in 2021; 121,712 homes sold, the highest average selling price of $1,095,475, the most Realtors ever (almost 63,000), and the least number of homes listed on the market (3,232). As I predicted, 416 condominium prices rebounded in 2021 with a 16.8% price increase to an average of $730,792, an affordable number for many seeking to live in Toronto. These factors contributed to an overall 17.8% increase in home prices throughout 2021.
December 2021,
Dear Friend,
With 9,017 sales reported, November 2021 became the most active November in the history of the Toronto Real Estate Board and set a record for the highest average price, $1,163,323, up 21.7% over November 2021. The average sale price year to date as of the end of November is $1,092,212, up 17.5 % since the start of the year.
As I have been predicting, the 416 area code condominium prices quickly increase and are now 16.5% up from the start of the year. (21.1% in 905)
December 2021,
Dear Friend,
With 9,017 sales reported, November 2021 became the most active November in the history of the Toronto Real Estate Board and set a record for the highest average price, $1,163,323, up 21.7% over November 2021. The average sale price year to date as of the end of November is $1,092,212, up 17.5 % since the start of the year.
As I have been predicting, the 416 area code condominium prices quickly increase and are now 16.5% up from the start of the year. (21.1% in 905)
