2021 saw some of the highest demand for residential ownership in history and the forecasts for 2022 are following the same trends. The housing market in the GTA continues to escalate, seeing higher prices and historical highs in demand for residential ownership.
According to the Toronto Regional Real Estate Board’s (TRREB) January 2022 statistics for the Greater Toronto Area (GTA), sales took a dive to 5,636 this month in comparison to January 2021’s 6,888 sales. Even so, this month's sales is amongst the highest in history for January statistics. Similarly, average residential home prices continue to increase as we continue into the first quarter of 2022. The City of Mississauga, an up-and-coming rival to Toronto in city living, is not an exception As of February 19, 2022, Zolo reports an average selling price of $1.19million on all types of residential buildings in Mississauga, while Toronto averaged at $1.20million in the last 28 days. Since February of 2021, Toronto home prices fluctuated but highs stayed relatively the same from $1.113million in May, 2021, and $1.174million in November, 2021 to $1.202million in February of this year. Contrarily, Mississauga witnessed an increase from $1.014million in November of 2021 to $1.194 in February of this year, marking an all time high over the last 12 months. Although prices on the respective types of residential homes in Mississauga have not yet hit Toronto highs, they witnessed a greater increase over the last year. The average price of a detached home in Mississauga as of February 19 of this month is $1.9million, a 25% increase from $1.2million a year ago while Toronto only faced a 21% increase. Townhouse prices in Mississauga grew 30% and condominiums increased 33%, over 5% greater than the increase Toronto townhouses and condos saw. The selling to listing price ratio for residential buildings in Mississauga, according to Zolo, hit 116%, meaning homes were sold for 16% greater than the asking price, whereas homes in Toronto were sold for 13% more than asking price. Residential buildings in Mississauga averaged seven days on the market, six days accounting for only the buildings from the $500,000 to $2.5million range which are the quickest selling buildings in both Mississauga and Toronto. On average, Toronto residential buildings lasted 10 days on the market as of January of this year. Mississauga continues to grow with more residential areas in development, including high rises in close proximity, and will soon resemble the fast-paced and heavily populated atmosphere of Toronto. TRREB estimates that the average selling prices of homes in the GTA, including Mississauga, could see a 12% increase in 2022 in comparison to last year. As the housing market intensifies in Toronto with a larger percentage of houses being put on sale and sold and prices expected to increase throughout the year, Mississauga seems like the next best place to invest in a home. Comments are closed.
|
Details
AuthorLarry Weltman is a Customer Service Representative for AccessEasyFunds Limited, or AEF, an Ontario-based firm Archives
November 2022
Categories |