No news is good news! The GTA real estate market had its second-best ever January sales, with 5,636 sales reported through the Toronto Real Estate Board MLS system. The lack of new properties for sale pushed up the average January price to $1,242,793, but don’t panic or celebrate; it’s just the statistics for one month. I expect prices to increase this year between 10-15 %, as demand is strong and supply continues to be tight. As we head into the spring market, the inventory of homes for sale will increase as the weather warms up and Covid concerns abate.
The economic outlook remains strong; interest rates might go up slightly but are still at historically low levels. Two thousand twenty-two sales will reach 110,000 homes sold, a dip from 2021, but still, a strong result compared to previous years; all in all, pretty much a repeat of 2021.
In the 2,000 plus-year-old Chinese calendars, 2022 is the Year of the Water-Tiger. The water tiger comes up every 60 years. The water tiger is action-oriented and represents strength, bravery, and evil clearing away. Gong hei fat choy (in Cantonese, too hard for me in Mandarin, lol) to all our Chinese friends!
If you have any questions about the real estate market, Toronto or otherwise (there are some great opportunities in communities outside of Toronto), please give me a call; I would be happy to help. Also, if you know of someone buying or selling, please let me know, I will take extra good care of them.
Have a great February,
Your Friend in Real Estate
Steven Maislin, ABR, SRS, SRES, IRES, RENE, Broker
ABR: Accredited Buyer Representative
SRS: Seller Representative Specialist
SRES: Seniors Real Estate Specialist
IRES: International Real Estate Society
RENE: Real Estate Negotiation Expert
RE/MAX Realtron Realty Inc., Brokerage
182 Sheppard Ave West,
Toronto, On. M2N1M8 Canada