Last year’s sales numbers were staggering. ⏫⏬
➡️In 2021, the Toronto Real Estate Board reported 121,712 sales, which is not only up 28% from 2020, but 7.7% above the highest year on record.????
With a continued focus on staying home, the demand for housing and moves was clear (but you already knew that!) New listings were up by only 6.2% (which is a far spread from the number of sales). In an all too familiar story – prices continue to rise,???? and the Seller’s Market continues to thrive. With December’s numbers showing an 11.9% ????drop year over year in new listing inventory, we predict that this heat ???? isn’t cooling anytime soon.
The average selling price is up 24.2% annually, now $1,095,475 for the year. This number continues to trend upwards and December’s average selling price ended the year at $1,157,849, selling in an average of 14 days.⏫
Here’s where things get interesting…
While 2020 showed that many sought homeownership outside of the city, 2021 shows a marked change in the confidence of the “416” market. Sales in Toronto showed a 36.8% growth rate, with the condo market being a substantial contributor.????
We would be remiss to not point out the obvious – it is a fantastic time to be a Seller, and the statistics all point to a continued upward trend – for all home types.????️????
For those that are looking to buy, this is a window of opportunity. Experts agree, in terms of policy and initiative, current and proposed changes will not have any immediate effect on moderating home prices and/or supply.???? [Read: prices will continue to climb].
For both ends of the spectrum, it can be stressful to navigate this market. It’s important to have an expert who can get you the best price, with the least amount of stress (and that’s us!)