On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s February 2022 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from February 2022 - as well as specific info on both condo and home prices in the GTA:
Real Estate Market Watch: Residential Transactions
- 9,097 residential home transactions took place in February 2022, down from 10,929 in February 2021 - a decrease of 16.8%.
- When seasonal adjustments are taken into account, there was a 5.9% increase in the number of purchases from January 2022 (9,883) to February 2022 (10,469).
February 2022 Real Estate News: Average Selling Prices
- The average sale price for February 2022 was $1,334,544. This is an increase of 27.7% over February 2021, when it was $1,044,957.
- With seasonal adjustments, prices saw a 1.3% increase from January 2022 (from $1,288,513 to $1,304,816).
Monthly Market Update: New Listings
- There were 14,147 listings available for February 2022, which is a 6.6% decrease from February 2021 (when there were 15,146).
- The sales-to-listings ratio has decreased by 8% from February 2021, from 72% to 64%.
Real Estate Market Watch for February 2022: Days On The Market
- The average property spent 11 days on the market, compared to 19 last year - a decrease of 42.1%.
- Listings spent an average of 9 days on the market, which is a 35.7% decrease from this month last year (when they spent an average of 14).
Click Here To Read TRREB's February 2022 Real Estate Market Watch Report for Both Homes and Condos
In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What type of home or mortgage can I afford?
- Which incentives are available for first-time buyers?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
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