The year began with very strong demand for both condos and all types of single-family homes. The result was record-setting average sale prices in Durham Region and throughout the GTA.
For the whole of the GTA, the Toronto Regional Real Estate Board (TRREB) reported that new listings were down 15.5% compared to last January. The shortage of new listings impacted the number of transactions. Only 5,636 residential transactions were completed in January, down by 18%, compared to January 2021.
During January 2022, TRREB reported that the average sale price set a record of $1,242,793, an increase of 28.6% compared to the average sale price recorded in January 2021.
Within Durham Region, TRREB reported a total of 609 residential real estate transactions during January 2022, which lower than previous months, the lack of listings constrained the number of transactions.
The average residential resale sale price recorded in Durham during January reached $1,175,010, which is a record level and 13.7% higher than the average sale price reported just a month ago during December 2021. As the accompanying chart shows, house prices average more than one million dollars Pickering, Ajax, Whitby, Brooklin, Courtice, Bowmanville and Uxbridge.
The forecast for 2022 suggests that real estate values will continue to increase until mortgage interest rates rise to a level to negatively impact demand, or some other factor undermines the confidence of buyers.
If you are thinking of a move and want to take advantage of current real estate values, please contact me. I’ll give you sound, experienced advice. If you choose to sell, my staging services, digital marketing and social media promotions will get you plenty of exposure, ensuring that you achieve a fantastic sale price.