February’s TRREB Market Report

How GTA Home Sales Have Shifted Month-Over-Month and Year-Over-Year

February's TRREB Market Report Blog

The Toronto Regional Real Estate Board (TRREB) has released its latest market stats, which show that year-over-year new listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. As a result, competition between buyers has eased slightly resulting in a month-over-month decrease in average sale price of detached homes in Halton Hills, Burlington, Oakville, and Mississauga. Very different from TRREB’s January 2022 Statistics with an average sale price increase of 11% month-over-month in these areas.

Here’s our monthly breakdown of the stats.

GTA Home Sales: TRREB’s February 2022 Statistics

Below, you’ll find the main conclusions from TRREB’s February 2022 Market Watch report.

  • GTA realtors reported 9,097 sales in February 2022, which is down 16.8% year over year.
  • New listings dropped year-over-year, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market.
  • 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.
  • The MLS® Home Price Index Composite Benchmark has climbed by nearly 35% since February 2021.
  • The average selling price across all property types was up by 27.7% year-over-year to $1,334,544

We’ve also taken a look at how GTA detached home sales have changed between February 2021 and February 2022 in Storey Collective’s communities. 

Toronto

  • Home sales were down by 14.1%
  • New listings were down by 1.6%
  • Average sale price was up by 23.2%. 
  • The sales to new listings ratio (SNLR) dropped by 8.4% to 57.4%. An SNLR of 55%+ indicates a seller’s market, which means there are more buyers than properties for sale. 

Halton Hills

  • Home sales were up by 9.8%
  • New listings were down by 8.5%
  • Average sale price was up 23.3%
  • The sales to new listings ratio (SNLR) increased by 13% to 77.9%, still a strong seller’s market. 

Oakville

  • Home sales were down by 42.3%
  • New listings were down by 23.8%
  • Average sale price was up by 31.6% 
  • The sales to new listings ratio (SNLR) fell by 17.8% to 55.4%, still a seller’s market. A SNLR of 55%+ indicates a seller’s market, which means there are more buyers than properties for sale.

Milton

  • Home sales were down 8.4%
  • New listings were up by 8.2%
  • Average sale price was up 31.7% 
  • The sales to new listings ratio (SNLR) increased by 6.8% to 70.3%, still a seller’s market. 

Burlington

  • Home sales were down 8.4%.
  • New listings were up 8.2%
  • Average sale price increased by 31.1%. 
  • The sales to new listings ratio (SNLR) fell by 12.2% to 67.3%, still a seller’s market. 

Mississauga

  • Home sales were down 27.1%
  • New listings were down 20.4%
  • Average sale price increased by 26.7%
  • The sales to new listings ratio (SNLR) fell by 5.5% to 60.2%, still a seller’s market. 

You can also take a look at our community pages for Toronto, Halton Hills, Oakville, Milton, Burlington, and Mississauga. You’ll find our year-over-year and month-over-month market summaries on these pages.

How Storey Collective Can Help

We examine GTA home sales each month to advise buyers and sellers on how best to secure and sell properties in the Greater Toronto Area. 

If you’d like advice on how to make the most of the housing market during a particular season, get in touch with Storey Collective for a free phone consultation.