Toronto & West GTA Market Update - Feb 2022

𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for February 2022 vs. 2021 home sales in Toronto, Mississauga, Oakville, Burlington ⁣

𝗦𝗲𝗰𝗼𝗻𝗱 𝗵𝗶𝗴𝗵𝗲𝘀𝘁 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝘀𝗮𝗹𝗲𝘀 𝗼𝗻 𝗿𝗲𝗰𝗼𝗿𝗱!

As per the Toronto Real Estate Board’s February Market Watch update, ‘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 double-digit price growth year-over-year.’

Toronto, Mississauga, Oakville and Burlington experienced very impressive gains for the February 2022 stats in the average property value year over year across all home types.

Toronto detached home sales were up 23% year over year, a more modest amount compared to the others in our report.

Burlington and Oakville were up an incredible 31% for detached homes and Mississauga not far behind with just under 27% increase for detached year over year.

Although listing inventory remains in short supply, more homes are starting to hit the market providing greater selection for buyers and reducing the frenzy of competition in some neighbourhoods. Keep in mind that each area however is on a case by case scenario and the market trend and activity cannot be generalized as it varies based on the location, price point, type of product and other competing inventory.

⁣Whether you’re considering buying or selling it’s important to have a knowledgeable Realtor on your side to help navigate our current market conditions.

Get in touch anytime and let’s chat about your goals. 𝗪𝗲 𝘄𝗼𝘂𝗹𝗱 𝗹𝗼𝘃𝗲 𝘁𝗼 𝗵𝗲𝗹𝗽 𝗮𝗻𝗱 𝗮𝗿𝗲 𝗳𝗼𝗰𝘂𝘀𝗲𝗱 𝗼𝗻 𝘆𝗼𝘂𝗿 𝘀𝘂𝗰𝗰𝗲𝘀𝘀!