The
New listings fell by more than 15 per cent to 7,979 last month from 9,438 during the prior January, while active listings took an even bigger hit, plummeting 44 per cent to 4,140 in January from 7,396 a year earlier.
"Supply continued to be near its all-time low," said
"With the recent easing of demand and slight increase in supply, market conditions have loosened slightly but remained largely favourable to sellers."
TRREB believes the slower pace of sales and fewer homes to buy will likely see 110,000 properties change hands in 2022 compared with 121,693 in 2021.
Some of that decrease will be triggered by an expected drop in first-time buyers, prompted in part by interest and lending rates that are poised to rise in the coming months.
TRREB’s chief market analyst
“A first-time homebuyer can only buy homes that are available at the price they can afford…and that means a condo because that’s more affordable than a row home than a single-detached home,” he said, at a press conference.
“Where are those (condos)? They’re in Toronto.”
TRREB and Ipsos’ data showed in
The board expects detached houses to remain most popular with intending buyers, especially in suburban areas.
Those on the hunt for a home this year will notice the share of existing homeowners very likely to list their home for sale in 2022 will be down across the GTA, TRREB also said.
It attributed the unwillingness to sell to a “vicious cycle,” where homeowners will decide not to list because they fear they will not be able to find another home that meets their needs.
Those that list will find they can fetch more for their sale.
Prices will creep up to an average
The average for January was
It said immigrants were willing to pay about
This report by
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