January Market Watch

By: Marilyn Palmer

January Market Watch

Tags: Toronto, Burlington, Gta, homes, condominiums, buyers, sellers, average selling price, real estate, Oakville, Milton

 

GTA & Hamilton-Burlington Realtors® release the January Stats.  As is the normal case, demand for homes remained strong in January. However, sales were down in both areas and quite substantially down.  The number of homes on the market were also down when compared to January 2021.  Here are your results:

BURLINGTON MARKET RESULTS

"The average selling price for all residential properties reached a record-high in January.  This is the first time that the average sale price has topped $1m.  If  we look at the average sale price by area, Burlington was $1,369,337." says RAHB President Lou Piriano.  Burlington saw sales activity decrease by 21.8% when compared to January 2021. The number of active listings at the end of the month fell by a dramatic 51.4%.  Wow!  For your full report on the Burlington area, please click here.

G.T.A. MARKET RESULTS

There were 5636 sales reported through the TRREB MLS® System in January - down by 18.2% when compared to January 2021.  While sales were down  compared to last year, the January 2022 results was the second best in history for the month.  This result is in line with TRREB's forecast for a strong sales result in 2022, but off the 2021 record.

Homes new to the market were also down by 15.5% and the number of active listings at the end of January fell to 44% - the lowest level in more than 2 decades. The average selling price therefore, was up by 26.6% on a year-over-year basis to $1,242,793.

Please check out my earlier blog on my website (under Marilyn's Market Minute) when it comes to what TRREB is forecasting when it comes to sales and average selling price.

OAKVILLE/MILTON MARKET RESULTS

"As we head into 2022, the supply of homes in OMDREB's trade areas remain a perpetual issue, encouraging strong competition between buyers and double-digit growth in selling prices.  This is something we've witnessed througout the entirety of last year and it comes as no surprise that it was expected to continue in January of 2022." says OMDREB President Vishal Kapoor.

New Listings decreased by 15.6% for Single Family homes and 9.8% for Townhouse/Condo homes.  Sales decreased by 24.3% and 16.6%, respectively.  The amount of inventory at month end also decreased by 44.2% and 42.2%, respectively.

"The Average Sale Price of a home in Milton did not hit the high levels experienced in Oakvile but trends are showing that the gap is slowly closing and that poses a significant problem.  OMDREB continues to advocate for alleviation of the lack of inventory and housing choice." adds Kapoor.

For the full Oakville & Milton report please click here.