Today I want to go over the market statistics that really stood out to me.

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Every month, I take a look at the latest market statistics to see if anything really stands out. This month, there were a few things that stood out that I’ll talk about.

Last month, the average home price in Toronto was $1,163,323. This is up 21.7% from the same time last year. That level of growth is mind-boggling.

This past month, the average price for a detached property was $1,807,983. Detached properties tend to be more volatile in pricing, but this was a 1.3% increase since last month. This is actually the highest level of monthly growth we’ve ever seen for detached homes in Toronto.

“I don’t think this level of growth is sustainable.”

Semi-attached properties are the hottest segment of the marketplace because they’re freehold and on the lower end of the price spectrum. Last month, the average price of a semi-detached property was $1,431,988. This is up 8.3% and obliterates the previous record price.

The condo market suffered in 2020. Due to COVID and the inability to rent out many of these spaces, they came on the market in droves and lowered prices overall. However, this market is starting to recover. Last month, the average price for a condo was $745,951. This is a modest increase from the previous record of $744,000.

I predict that the first and second quarters of 2022 will be very similar to what we saw in 2021. Supply will be low, buyer demand will be strong, interest rates will still be low, and we’ll see lots of multiple offers again. I think that kind of activity will continue through the whole year, but I hope we’re not going to get the same level of price increases that we did in 2021. I don’t think it’s sustainable, and affordability is going down. Hopefully, we can get back to a more balanced market when supply eventually increases.

If you have any questions, don’t hesitate to call me at 416-322-8000 or email me at adam@adamparsons.ca. I look forward to hearing from you.