TRREB’s February GTA Data.
Toronto, March 9th, 2022
By Ivan Kalinin
TORONTO REAL ESTATE IN FEBRUARY 2022 – HERE IS ALL YOU NEED TO KNOW
The Toronto Real Estate Board released the numbers for February this year, showing a glimmer of hope for the buyers. After what felt like an eternity of bidding wars and tough market conditions, things look a little bit more promising for those looking to purchase Toronto real estate. While inventory is still low, February had a more properties hitting the MLS. Also, more listings started to come out immediately after the Family Day Long Weekend, signaling an improvement in the amount of homes making it to the market for the following months.
Honestly, I cannot be happier to be able to say that after so many months of talking nothing but how brutal the market was all this time!
More inventory is hitting the Toronto real estate market
In February, there were 14,147 new listings versus 9,097 sales in the GTA leading to a Sale to New Listings Ratio of 64%. SNLR is a ratio that is used in real estate to determine whether the market is in a seller’s / buyer’s or in neutral territory. The range between 40-60% represents a balanced market, while a ratio lower than 40% is in the buyers’ zone and a ratio higher than 60% signals a sellers’ market.
Considering that the SNLR has been much into the sellers’ territory for the past few months – an SNLR of 64% represents a reprieve for buyers. Usually, this means less competition in the market, something all buyers (and their agents) would be very happy to hear. The inventory is expected to be increasing in the next few months, while some buyers would be putting their home searches on hold due to the recent interest rate hikes.
Check out my video talking about how the recent rate hikes affected the market.
Prices are still feeling upward pressure
Even though 64% SNLR shows the market being swayed to the sellers’ favor, we cannot forget that it is much lower when compared to last year. For example, in December 2021, we have seen an SNLR of 117% in some parts of the GTA. This means that more listings sold that those that came on the market that month.
With all being said, the average home price in the GTA has seen a steep rise of 27.7% year over year to a new record of $1,334,544 . As always, you can find the main statistics for the GTA’s real estate market below.
But for now, I am very hopeful that this trend will continue and would finally bring the market into its more balanced version. For those buyers, who were looking for a while – it is tempting to take a break from your search, especially if you have been through a few bidding wars. However, this might be an opportunity for you to enjoy milder market conditions this spring. This could be an opportunity for you finally purchase a home, with less stress.
TORONTO REAL ESTATE MARKET STATS
If you like talking real estate half as much as I do and are going to participate in the market in 2022, come chat and have a coffee. And if you are looking for a property as an investment, remember our super-popular private investment tours now booking in early 2022. Click here to book.
Ivan Kalinin is a sales agent at Key Toronto Real Estate Group. Zoocasa Realty Inc. – Brokerage independently owned and operated, He can be reached at 416 858 8085. Not intended to solicit clients already under contract.