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The Toronto area Real Estate Board (TRREB) said Thursday that 5636 homes were sold last month, down 18% from 6888 in January last year.
The number of homes listed for sale fell from 9438 in January last year to 7979 in January, a drop of more than 15 per cent. The number of actively listed homes fell even more, plunging 44 per cent from 7396 a year ago to 4140 in January.
“there are still a lot of buyers, but too little housing leads to fewer transactions,” Jason Mercer, chief market analyst at TRREB, said at a news conference.
TRREB believes that the pace of sales has slowed and there are fewer homes available for purchase. There are likely to be only 110000 property transactions in 2022, compared with 121693 in 2021.
One reason for the decline is that the number of first-home buyers is expected to fall, in part because lending rates will rise in the coming months.
The number of first-time home buyers in the 905 area around Toronto is lower this year, according to survey data released by TRREB on Thursday. But its study also found that the number of first-time buyers in area 416 (downtown Toronto) may actually be higher than last year.
Mercer predicts that first-time purchase intentions will differ between districts 905 and 416 due to different types of housing in each district.
“first-time buyers can only buy houses at prices they can afford, which means mainly apartments, because prices are much lower than town houses and detached houses,” the report said. ”
“where are those apartments? they are mainly in downtown Toronto.”
Data from TRREB and Ipsos show that in Toronto, a high proportion of prospective buyers, whether first-time or otherwise, are concentrated in apartments and high-density, low-rise housing types.
The committee expects detached houses to remain the most popular type of property, especially in the suburbs.
TRREB also said that people looking for homes this year will notice that, especially in the entire GTA region, the number of homes listed for sale in 2022 will continue to decline.
It attributes its reluctance to sell to a “vicious circle” in which homeowners decide not to list because they worry that after selling their existing homes, they will not be able to find other homes that meet their needs.
TRREB predicts that prices for the whole year will climb to an average of 1.2 million yuan, up from last year’s average of $1.1 million.
The average price in January was 1.2 million yuan, up about 29% from $966068 in January 2021.
The survey also found that immigrants are willing to pay higher prices than other buyers and predict that they will be more willing to buy homes than those who have settled in Canada.
Immigrants are on average willing to pay an extra 100000 yuan for a house, but point out that many of these buyers may not hold the property for a long time because they are likely to move to a larger house in a few years’ time.
