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Now let’s delve into the market stats in more detail. In January 2022, the average sold price was $828,501 with 104 units sold and an average of 26 days on market. Compared to January 2021, the average sold price was $696,509 with 146 units sold and an average of 38 days on market. A total 19% increase compared to last year.
In January 2022, there were 9 studios sold with an average sold price of $530,556 and an average of 27 days on market. In contrast, there were 11 studios sold in January 2021 with a sold price of $443,483 and an average of 23 days on market. A 19.6% increase.
Last month, we see an average sold price of $646,785 which is a 12,8% increase compared to January 2021. Last January, there were a total of 23 units sold and an average of 21 days on the market compared to January 2021 with 45 units sold and 34 days on market. The numbers show demand over supply which means fewer units sold and fewer days on market, but with a whooping increase in average sold price.
In January 2022, the average sold price for a 1 plus den was $735,584 and the number of units sold was 40 with an average of 20 days on the market which is a 14% increase. Compared to last year’s January 2021, there was an average sold price of $645,062 with a total of 50 units sold and an average of 38 days on market. With people working from home nowadays, a 1 plus den seems to be one of the most popular layouts for buyers. The quantity of units sold for this layout always surpasses the others.
For 2 beds, the average sold price in January 2022 was $1,024,430 with 33 days on the market and a total of 26 units sold. In January 2021, the average sold price was $877,718 with 48 days on market and a total of 38 units sold. That’s a 16.7% increase from last year.
For 3 beds, there were 4 units sold last month and the sold price was $2,113,750 with 61 days on market. Compared to January 2021, there was an average sold price of $1,377,578 with 52 days on market and 5 units sold. For your info, there was a 3 million condo sold last month which bumped up the average selling price by quite a bit.
The pattern in today’s market is fewer sold units with a consistent price increase year over year. This means high immigration levels in Toronto are starting to take effect. The shift in population is believed to strengthen the economy, but it’s really taking a toll on our buyers. The government implemented the increase of mortgage rates which could make mortgage payments more expensive and therefore, fewer people will be able to afford a home. This forecast is predicted to balance out the supply and demand.
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