February 2022
As we continue to navigate our way out of the pandemic the residential real estate market continues to move at a frantic pace
The months of inventory levels still remains strongly in a sellers market with approximately only three weeks of inventory across the entire GTA, if no more listings were taken the GTA would be sold out of all home types in just three weeks
The volume of sales is down 17% with active listings down 20% for the month of February showing that if we had more inventory and more home types to choose from more transactions would be done
There have been many new developments pop up across the GTA and beyond already this year.
With the number of people moving to the Southern Ontario region and with immigration levels increasing, we simply need more homes.
New construction developments are seeing strong demand, with many development sites being over subscribed.
The resale condominium market has seen a slight decline in the volume of trades, down 11% with available listings of condos also down 25%.
With limited inventory and strong demand the average price of a condominium in the GTA is up almost 25% compared to February last year
Again, the lack of inventory plays a strong role in driving prices up. Simply put, if we had more condos to sell, more would be sold
If you are looking to learn more about the buying and investing opportunities new construction presents, please do not hesitate to contact me.
It has been quite the start to 2022, 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.