Advertisement

Toronto home sales fell 18% in January as prices climbed, listings dropped

Click to play video: 'Real estate market: A look at tactics meant give buyers competitive edge' Real estate market: A look at tactics meant give buyers competitive edge
WATCH ABOVE: It’s not unusual to see multiple offers on properties up for sale in GTA and some buyers have opted to make the selling process a bit more personal by providing sellers a letter. Erica Vella looks at if these tactics work in the GTA’s hot real estate market – Feb 3, 2022

TORONTO — The Toronto Regional Real Estate Board says January home sales dropped by more than 18 per cent compared with a year ago as fewer properties were listed for sale and market conditions tightened.

The board says 5,636 homes were sold last month in the region, down from 6,888 in January 2021.

New listings tumbled by more than 15 per cent to 7,979 last month from 9,438 a year earlier.

Read more: Toronto home sales lead to record 2021 despite weaker December

Active listings took an even bigger hit, falling 44 per cent to 4,140 in January from 7,396 during the same period last year.

The lack of homes on the market pushed up prices to an average $1.2 million last month, a roughly 29 per cent increase from $966,068 in January 2021.

Story continues below advertisement

The board predicts total home sales will dip to 110,000 this year compared with 121,693 last year, while prices will creep up to an average $1.2 million, a jump from an average of almost $1.1 million in 2021.

Click to play video: 'Toronto looks to garden suites to grow housing options' Toronto looks to garden suites to grow housing options
Toronto looks to garden suites to grow housing options – Jan 7, 2022

Sponsored content