REAL February Market Review
ESTATE
GTA MONTHLY STATISTICS
February 2022
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
GTA AREA
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
Sales
Average Price
416
905
416
905
786
3,142
2,073,989
1,727,963
-13.4%
-21.6%
23%
263
488
1,499,489
-10.5%
-28.1%
14%
322
1,252
1,131,809
-5.8%
-16.4%
22.8%
32.3%
822,090
756,146
21.5%
34.2%
1,842
930
-14.7%
-1.9%
32.9%
1,282,386 37.5%
1,119,026
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
MARKET OVERVIEW TORONTO, ONTARIO, March 3, 2022 – February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support doubledigit price growth year-over-year. Greater Toronto Area (GTA) REALTORS reported 9,097 sales through the Toronto Regional Real Estate Board's (TRREB) MLS System in February 2022, representing a 16.8% decrease in the number of sales compared to February 2021. The supply of listings for low-rise home types (detached, semi-detached and townhouses) was also down year-over-year, but not by as much as sales. In the condominium apartment segment, particularly in Toronto, new listings were up in comparison to February 2021.
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
MARKET OVERVIEW Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm. Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs,” said TRREB President Kevin Crigger. The MLS Home Price Index Composite Benchmark was up by 35.9% yearover-year in February. The average selling price for all home types combined was up by 27.7% to $1,334,544. The pace of price growth varied by home type and region, but there was relative parity between low-rise and condominium apartment growth rates. “We have seen a slight balancing in the market so far this year, with sales dipping more than new listings. However, because inventory remains exceptionally low, it will take some time for the pace of price growth to slow. Look for a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households putting their home purchase on hold temporarily as they resituate themselves in the market,” said TRREB Chief Market Analyst Jason Mercer.
MISSISSAUGA MONTHLY STATISTICS
February 2022
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
MISSISSAUGA Sales
Listings
256
425
-27%
-20%
Average Price $1,921,283 27%
91
143
-28%
-15%
29
40
-31%
-33%
33%
314
375
$736,006
11%
33%
-1%
$1,314,703 31%
$1,289,680
Days on Market 9 -10%
5 -29%
5 -17%
7 -65%
TORONTO MONTHLY STATISTICS
February 2022
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
TORONTO Sales
Listings
Average Price
Days on Market
786
1,369
$2,073,989
9
-2%
23%
263
378
$1,499,489
-11%
-4%
13%
-14%
114
154
$1,416,044
18%
-5%
23%
1,842
2,649
$822,090
-11%
22%
-15%
-31%
7 -36%
9 -25%
12 -50%
OAKVILLE MONTHLY STATISTICS
February 2022
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
OAKVILLE Sales
Listings
154
278
-42%
11
-24%
21
-15%
11%
57
90
-35%
-16%
47
64
4%
7%
Average Price $2,372,754 32%
$1,378,728 21%
$1,427,275 26%
$818,306 33%
Days on Market 7 -30%
6 33%
5 -38%
10 -60%
BURLINGTON MONTHLY STATISTICS
February 2022
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
BURLINGTON Sales
Listings
142
211
-8%
8%
Average Price $1,812,581 31%
6
12
$1,290,633
-68%
-58%
17
31
-54%
-39%
42%
43
58
$822,921
-32%
-12%
42%
42%
$1,261,731
Days on Market 7 -42%
7 0.0%
5 -50%
12 -45%
MILTON MONTHLY STATISTICS
February 2022
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
MILTON Sales
Listings
97
138
Average Price $1,711,840
-16%
-24%
20
30
-38%
-32%
81
130
-26%
-22%
39%
30
39
$781,090
3%
28%
-58%
32%
$1,394,898 42%
$1,185,451
Days on Market 7 -22%
4 0.0%
5 0.0%
5 -17%
VAUGHAN MONTHLY STATISTICS
February 2022
Source: Toronto Regional Real Estate Board, Market Watch, February 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
VAUGHAN Sales
Listings
Average Price
Days on Market
207
352
$2,226,200
9
-9%
-9%
30
55
-25%
4%
68
107
-18%
-10%
32%
121
149
$788,860
-6%
10%
30%
31%
$1,466,800 37%
$1,414,942
-43%
5 0.0%
7 -22%
18 -28%
DURHAM MONTHLY STATISTICS
February 2022
Source: Toronto Regional Real Estate Board, Market Watch, February, 2022
Detached
Semi-Detached
Townhouse
Condo Apt
Year-Over-Year Percent Change
DURHAM REGION Sales
Listings
Average Price
Days on Market
745
1,127
$1,379,287
7
-19%
39%
-21%
54
74
$1,074,896
-45%
-40%
147
202
$1,078,828
-13%
-18%
38%
77
86
$658,151
35%
34%
69%
35%
0.0%
6 -17%
6 -17%
10 -63%