January numbers are out and they are eye popping!
Main highlights.
-Average sale price for all home types in the GTA Jan 2022 was 1.1M up 23.4% from Jan 2021
-Average sale price for a Freehold(not a condo) was 1.8M up 20% from Jan 2021
-We have a all time low in inventory, less than 1 month of all inventory available for sale in all of GTA in all home types. In other words if no listings come up for sale tomorrow we will sell out of ALL HOMES in less than a month. A balanced market when prices stop rising is closer to 5 months.
Typically Jan -April is when most homebuyers start so we also have the highest demand and this is the time of year we see the highest increase in prices. With interest rates holding steady last month and buyer demand still high we shall continue to see more of the same throughout February and March. Im hopefull we see a rate hike come March and combined with more listings (which we are seeing increase very slowly) it will help calm the storm.
Ive been noticing more and more investors starting to list last few weeks, more and more duplex and triples coming onto the market as well as some condos that were being leased previously. Its a interesting trend as the conversation with many of these investors is they feel we are as close to the top as we can get and with rate hikes on the horiozon we may see a flat line in prices some time in late 2022.
With the Ontario Gov. planning to lift restriction in the coming weeks and spring on the horizon I am hearing of many planning vacations, getaways and this will affect the market as it did in the summer of 2021 when we saw a calm come over the market in June/July/August. For those looking to get in the market, targeting those months to buy could be beneficial for them. For those looking to sell and capatilize, listing before the summer may be the better strategy.
Of course as always there is no way to time/predict the market but looking at the factors I mention above as well as watching Months Of Inventory closely as well as any goverment rules that may come into play its possible to use the information to gain a small advantage on your sale or purchase.
As always if you ahve any questions or comments please feel free to email me. Have a great Family day weekend!