Demand for housing ownership remained very strong from a historic perspective in January 2022. At the same time, listings remained in short supply, resulting in tight market conditions and very strong year-over-year price growth.
The number of sales were down substantially compared last year’s record result, but still the January 2022 result was the second best in history for the month. This result is in line with the Toronto Real Estate Board's forecast for a strong sales result in 2022, but off the 2021 record.
New listings were down by a similar annual rate as sales. Because sales and new listings moved in relative lock step, active listings at the end of January were down to the lowest level in more than two decades.
The continuation of tight market conditions resulted in an increase in the MLS® Home Price Index Composite benchmark. Similarly, the average selling price was up year-over-year.
Here are the Toronto numbers...