December 2021
Happy New Year!!! It was an interesting year as we continued to navigate the ever evolving pandemic.
The year ended with the fewest available homes for sale in years, maybe decades, with just over 3200 active listings of all home types, that's 60% fewer properties than the previous year.
With limited listings fewer homes traded hands with home sales for the month of December being down just over 16%.
Throughout the last half of the year the market really started to heat up.
The months of inventory number which monitors the pace at which homes are selling, hit a pace rarely seen before.
The year ended where The Greater Toronto Area would sell out of homes of all types in just two weeks if another home did not come to market.
Smaller sub markets like Brampton and Durham Region had inventory numbers where they would be sold out in less than ten days.
If there were more homes available throughout 2021 the demand for real estate would have continued to eat them up.
The only sustainable way to moderate the continued price growth amongst all home types will be to bring on more supply.
The condominium market ended the year very much the same, with few listings available buyers found themselves competing for product resulting in continued price growth.
In 2022 you will continue to see new product of all home types come to market throughout the GTA and beyond. With condominiums being the primary new home type, developers continue add new some innovative amenities to their buildings
If you are looking to learn more about the buying and investing opportunities new construction presents, please do not hesitate to contact me.
I wish you all the very best and a very successful 2022 and I look forward to connecting with you again soon.
Know that I am only a call, email or text away to assist with any of your real estate needs.