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By: theBB.group

February 2022: Toronto & GTA MLS® home sales: Yup… Inventory (and interest rates)

Tags: HOME SALES STATS, #SOTM, REAL ESTATE, TORONTO AND GTA HOUSE SALES

Toronto, Ontario - March 3rd, 2022 - Toronto & GTA Realtors® today released the March, 2022 MLS® home sales statistics via the Toronto Region Real Estate Board’s monthly MarketWatch report showing continuation of a trendChart - 2022-02 Toronto & GTA Home Sales YoY Summary that’s actually now been in place for years to varying degrees: “... spiking prices driven by chronic lack of inventory and intense buyer demand.” That’s precisely how we described it here back in March, 2017.  Oh, yeah - along with a sub-heading, "AVERAGE PRICES ACROSS THE AREA CONTINUE TORRID PACE YOY". Unsustainable? Ummm...

Overview


Wow. Now over five years of “crazy market”. Some blame COVID 19, but this trend was clearly in place before The Virus came to town.

Chart - 2022-02 Toronto & GTA Home Sales & Average Price by Major Home TypeOverall, 9,097 homes sold in February. That was 16.8% fewer than the year-earlier period. The overall average sale price was $1,334,544 - 27.7% jump from last February’s $1,044,957 average [“overall” includes all TRREB areas and all home types]. All figures are year-over-year comparisons except where noted otherwise.

Specific Numbers


The Detached homes group had 786 sales reported in Metro Toronto, down 13.4%, averaging $2,073,989, up an even 23%. There were 3,142 sales reported in the balance of TRREB’s market area - “The 905” area code, generally - off 21.6%, at an average of $1,727,963, up 32.9%. Another “Wow”. I feel bad for the buyers… particularly the younger ones.

Condominium Apartments saw 1,842 units sell in Toronto, down 14.7%, at an average price of $822,090, up 21.5%. In the balance of TRREB’s market area, 930 changed hands,off 1.9%, at an average of $756,146, up 34.2%.

A year earlier there were 8,727 Active Listings versus 10,929 reported sales for a “forward inventory” of .799 monthChart - 2022-02 Toronto & GTA Home Sales Historic Annual & Monthly Stats which is 3+ weeks [3.19 based on Febnruary’s 28 days]. As of month-end this year there were 6,985 Total Active Listings versus 9,097 sales…which means Forward Inventory now sits at .768 … virtually unchanged YoY. In other words, inventory remains historically tight. Boots on the ground suggest there are possibly winds of change… we’ll see how the Spring Market evolves.

Homes took an average of 9 days to sell…  still below historical norms… for obvious reasons. Last February that average was “37.5% slower” at 14 days.

Quotable…


Kevin Crigger, TRREB President:
“Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm. Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs.” 

Jason Mercer, TRREB Chief Market Analyst:
“We have seen a slight balancing in the market so far this year, with sales dipping more than new listings. However, because inventory remains exceptionally low, it will take some time for the pace of price growth to slow. Look for a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households putting their home purchase on hold temporarily as they resituate themselves in the market.”

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