SECOND HIGHEST FEBRUARY SALES ON RECORD
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.
Greater Toronto Area (GTA) REALTORS® reported 9,097 sales through the Toronto Regional Real
Estate Board's (TRREB) MLS® System in February 2022, representing a 16.8 per cent decrease in the
number of sales compared to February 2021.
The supply of listings for low-rise home types (detached, semi-detached and townhouses) was also
down year-over-year, but not by as much as sales. In the condominium apartment segment, particularly
in Toronto, new listings were up in comparison to February 2021.
"Demand for ownership housing remains strong throughout the GTA, and while we are marginally off
the record pace seen last year, any buyer looking in this market is not likely to feel it with competition
remaining the norm. Many households sped up their home purchase and entered into a transaction in
2021, which is one reason the number of sales were forecasted to be lower this year and a trending
towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration
levels and a continued lack of supply, however, will have a countering effect to increasing mortgage
costs," said TRREB President Kevin Crigger.
The MLS® Home Price Index Composite Benchmark was up by 35.9 per cent year-over-year in
February. The average selling price for all home types combined was up by 27.7 per cent to
$1,334,544. The pace of price growth varied by home type and region, but there was relative parity
between low-rise and condominium apartment growth rates.
"We have seen a slight balancing in the market so far this year, with sales dipping more than new
listings. However, because inventory remains exceptionally low, it will take some time for the pace of
price growth to slow. Look for a more moderate pace of price growth in the second half of 2022 as
higher borrowing costs result in some households putting their home purchase on hold temporarily as
they resituate themselves in the market, said TRREB Chief Market Analyst Jason Mercer.
RED (Renew, Energize and Donate) Day is a Keller Williams Realty service initiative dedicated to improving our local communities. All Keller Williams Realty associates in Canada were asked to donate their time to renewing and energizing aspects of their local communities. Because of her constant commitment to the culture of our company, this day has been dedicated in honor of our Vice Chairman, Mo Anderson.
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