Dear Friend, No news is good news! The GTA real estate market had its second-best ever January of sales with 5,636 sales reported through the Toronto Real Estate Board MLS system. The lack of new properties for sale pushed up the average January price to $1,242,793, but don’t panic or celebrate; it’s just the statistics for 1 month. I do expect prices will increase this year between 10-15 %, as demand is strong and supply continues to be tight.
As we head into the spring market, the inventory of homes for sale will increase as the weather warms up and Covid concerns abate. The economic outlook remains strong, interest rates might go up slightly but are still at historical low levels. 2022 sales will reach 110,000 homes sold, a dip from 2021, but still a strong result in comparison to previous years; all in all pretty much a repeat of 2021.
In the 2,000 plus year old Chinese calendar, 2022 is the Year of the Water Tiger. The water tiger comes up every 60 years. The water tiger is action-oriented and represents strength, bravery and a clearing away of evil. Gong hei fat choy (in Cantonese, too hard for me in Mandarin, lol) to all of our Chinese friends!
If you have any questions about the real estate market, Toronto or otherwise (there are some great opportunities in communities outside of Toronto), please give me a call, I would be happy to help. If you know of someone thing of buying or selling, please let me know, I will take extra good care of them.