This month’s data showed a slight decline in sales year-over-year, down 5% compared to last January. This is most likely attributed to the lack of inventory. However, the price of residential units sold continued to rise, now sitting at $936,353 which is a 35% rise compared to last year. This evidences that, the supply of homes still cannot keep pace with the demand right now.
Active residential listings numbered 186 units on the market at the end of January, a considerable drop of 15% from the end of January 2021. Active listings haven’t been this low in the month of January in more than 25 years.
As prices rise and the theme of low inventory continues, now is the time to take advantage of the market and achieve maximum price for your property.
Trust your local experts to guide you through the process and take advantage of the current market.
All data correct as of February 11, 2022, data gathered by the Ontario Collective based on January 2021 vs January 2022.