New Year…Same Market!
The Toronto real estate market set several records in 2021; 121,712 homes sold, the highest average selling price of $1,095,475, the most Realtors ever (almost 63,000), and the least number of homes listed on the market (3,232). As I predicted, 416 condominium prices rebounded in 2021 with a 16.8% price increase to an average of $730,792, an affordable number for many seeking to live in Toronto. These factors contributed to an overall 17.8% increase in home prices throughout 2021.
While the year is over, unfortunately in economic, there’s no reset to zero, no restart. 2022 will continue in the same vein as 2021, great economy low interest rates, limited supply and high immigration. These factors will continue to create an upward pressure of prices and I expect prices to increase by 10-12% this year.
While the market is tight and it is a challenge to find good properties, they are still available if you know the right realtor. As I said previously there have never been so many Realtors members in the Toronto Real Estate Board, about. 63,000. With an average of two listings sold per realtor that means that many realtors do zero or one or two sales each year; not the type of active professional that you need to have on your side in any market!
This is where I and my company Re/max Realtron come in, full-time, leaders in the industry, putting all of our experience, expertise and efforts to help you and your family secure a great future.
If you have any friends or relatives who are thinking of buying or selling, or if you’re thinking of buying a preconstruction condominium or an investment property, please contact me, I would be happy to answer any questions and help.
Have a great January, stay safe!