February Results

By: Marilyn Palmer

February Results

Tags: homes, toronto, mississauga, burlington, oakville, milton, condominiums, detached, home sales, average selling price, gta, home prices

 

Incredible doesn't even begin to describe what happened in February 2022 when compared to 2021.  Average Selling Prices were up by double digits.    Here are your February results:
 

GTA FEBRUARY MARKET RESULTS

February homes sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history.  New listngs dropped, but very marginally. Competition remained strong between buyers - strong enough to support double-digit price growth year-over-year.

The average selling price for all home types combined was up by 27.7% to $1,334,544.  The pace of price growth varied by home type and region, but there was relative parity between low-rise and condominium apartment growth rates.

"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 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." said TRREB Chief Market Analyst Jason Mercer.

BURLINGTON MARKET RESULTS

February sales activity in Burlington decreased by 17.5% when compared to February 2021.  The same story is told with the decrease in new listing which was marginal.  However, demand is still high as the results for the number of active listings at the end of February decreased by 20.6%.  The average Selling Price for Burlington increased by 32.7% to $1,413,836.00.  For your full report, please click here.

OAKVILLE & MILTON UPDATE

"Throughout the first couple of months of the year we have seen a small market balancing, with the amount of new listings dropping at a lesser anual rate than the number of sales.  However, demand is still strong and because Oakville, Milton and surrounding areas have a lack of inventory on the market, price growth pacing remains an issue." says OMDREB President Vishal Kapoor.

When compared to February 2021, New Lsitngs decreased by 12.5% for Single Family homes and 89.3% for Townhouse/Condo homes.  Sales decreased by 23.4% and 15.6%, respectively.  The Median Sales Price increased bgy 26.8% to $1,750,000 for Single Family homes and 18.1% for Townhouse/Condo homes to $980,000.  For your full report on the Oakville/Milton market please click here.