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By The Numbers 

The Toronto Real Estate Boards statistics year over year for the month of February. 

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9,097

TREB Sales 

February 2022

10,929

TREB Sales 

February 2021

$1,334,544

TREB Average 

February 2022

$1,044,957

TREB Average Price February 2021

February Numbers 2022

  • Number of Sales 2022
    9,097 | -16.8%
  • Number of Sales 2021
    10,929
  • Number of New Listing 2022
    14,147 | -6.6%
  • Number of New Listings 2021
    15,146
  • Number of Active Listing 2022
    6,985 | -20.0%
  • Number of Active Listings 2021
    8,727
  • Average Price 2022
    $1,344,544| +27.7%
  • Average Price 2021
    $1,044,957
  • Average Days on the Market (DOM) 2022
    9 Days | -37.5%
  • Average Days on the Market (DOM) 2021
    14 Days

TREB Market Summary

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 percent 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 was forecasted to be lower this year and 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 percent year-over-year in February. The average selling price for all home types combined was up by 27.7 percent 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.

Breaking Down The Numbers

Sales Numbers, average price  percentage changes over the same time last year.

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Detached

$1,797,203 | +31.0%

3,928 | -20.1%

Townhouse

$1,121,641 | +30.5%

1,574 | -14.5%

Semi Det. 

$1,358,415| +29.6%

751 | -22.8%

Condo Apt.

$799,966| +24.6%

2,772 | -10.8%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    786 | -13.4%.
  • 905 - Detached
    3,142 | -21.6%
  • 416 - Semi Detached
    263 | -10.5%
  • 905 - Semi Detached
    488 | -28.1%
  • 416 - Townhouse
    322 | -5.8%
  • 905 - Townhouse
    1,252 | -16.4%.
  • 416 - Condos
    1,842 | -14.7%
  • 905 - Condos
    930 | -1.9%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $2,073.989 | +23.0%
  • 905 - Detached
    $1,727,963 | +32.9%
  • 416 - Semi Detached
    $1,499,489 | +14.0%
  • 905 - Semi Detached
    $1,282,386| +37.5%
  • 416 - Townhouse
    $1,131,809 | +22.8%,
  • 905 - Townhouse
    $1,119,026 | +32.3%
  • 416 - Condo
    $822,090 | +21.5%
  • 905 - Condo
    $756,146 | +34.2%.

Economic Indicators

  • Real GDP Growth | Q4 - 2021
    Up | 6.6%
  • Toronto Employment Growth | January 2022
    Up| 6.9%.
  • Inflation Rate (Yr/Yr CPI Growth) | January 2022
    Up | 5.1%
  • Toronto Unemployment Rate | January 2022
    Down | 7.7%
  • Bank of Canada Overnight Rate | February 2022
    Unchanged | 0.25%
  • Prime Rate | February 2022
    Unchanged | 2.45%
  • Mortgage Rates February 2022 (1yr/3Yr|5Yr)
    2.79% | 3.49% | 4.79%
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