How is it already March? It’s crazy to think that we’re already in the 3rd month of 2022! Is everyone keeping to their New Years Resolutions? If you didn’t set resolutions or you haven’t kept up with yours, don’t beat yourself up. Remember, simply existing is enough.  We’re proud of you!

As of Thursday March 10th, 2022, 85.28% of the total Canadian population has received at least one dose of the COVID vaccine, 81.075% has received at least two doses & 46.58% are fully vaccinated with a third dose. That’s more than 81,581,032 doses of approved COVID-19 vaccines that have been administered across Canada.

As of March 1st, 2022, capacity limits in all indoor public settings and proof of vaccination requirements were lifted, while mask/face covering requirements and passive screening of patrons remains in place. Business and organizations that are open are required to continue to have safety plans in place. It is rumoured that Ontario will lift most COVID-19 mask mandates on March 21st – we’ll give you an update in the next blog post as to what happens with that.

And that’s what you missed on… Reopening Ontario!

Now, on to real estate! This month, we saw an increase in total condo sales year over year, month over month & a in sales volume. Let’s delve into the numbers for our Liberty Village condo market in February and let them do the talking.

How Many Condos Sold in Liberty Village In February?

February 2022 saw a total of 52 condo sales in Liberty Village. In comparison, February 2021 saw a total of 49 condo sales. A 6.12% increase – wow, that’s great news! While inventory is next to nothing (and *spoiler alert* prices are exponentially higher than last year), there was still more condo sales year-over-year.  This means the market picked up and 6.12% more buyers had enough confidence in the market to make one of the largest purchases of their lifetimes.

When looking at condo sales month over month, January 2022 had 34 sales. Incredible! That’s a 52.94% increase in condo sales month over month, which means it more than doubled. As the months progress from January and get closer to the Spring market, it’s not unusual to see condo sales increase. It’s just very surprising that when prices are this insane and condo inventory is so low, that we see this kind of activity in a month like February!

To sum it up, condo sales in February increased month over month and year over year and the number of buyers confident enough to make their biggest lifetime purchase was huge despite the sheer lack of inventory and crazy prices. Let’s not forget- and you’re probably sick of hearing it at this point- this is all despite being more than 2 years into a global pandemic.

Sales volume tells us part of the story. Let’s look at prices. Did values increase, remain the same or decrease from February 2021 to February 2022? Let’s take a look at the average sale price for all types of condo sales year over year.

The average sale price in February 2022 was $855,129 on the 52 sales. The average sale price for the 49 sales in February 2021 was $699,827. An insane 22.19% year over year increase in sale price. Holy moly!! If you follow real estate in the news, you know that condo prices are going for hundreds of thousands over MARKET VALUE. Now, let’s just take a second to think about that. We’re not just talking about condo prices going hundreds of thousands over listing price, we’re talking hundreds of thousands over market value. Basically, whoever can pay the most, wins the condo. Now, this 22.19% year over year increase makes complete sense. Inventory is at an all-time low, condo sales are higher than they were this time last year – supply is low and demand is over the roof.

The average sale price in February 2022 was $855,129 on the 52 sales. The average sale price for the 49 sales in February 2021 was $699,827. An insane 22.19% year over year increase in sale price. Holy moly!! If you follow real estate in the news, you know that condo prices are going for hundreds of thousands over MARKET VALUE. Now, let’s just take a second to think about that. We’re not just talking about condo prices going hundreds of thousands over listing price, we’re talking hundreds of thousands over market value. Basically, whoever can pay the most, wins the condo. Now, this 22.19% year over year increase makes complete sense. Inventory is at an all-time low, condo sales are higher than they were this time last year – supply is low and demand is over the roof.

Now, what about sales volume month-over-month? The average sale price in January 2022 was $867,699 on the 34 sales. A very interesting 1.45% month over month decease in sale price.  Now, why would there be a decrease? Well, believe it or not, the market has cooled the tiniest bit. In relation to last year, it’s still hot as ever, but if we compare it month over month, inventory has increased a tiny bit. So, while inventory will likely not catch up to demand, the small addition of condos has softened the crazy sale prices. What does this mean for the upcoming months? Our guess is that it’s going to remain crazy and sale prices will continue to climb, especially when we’re talking about Spring, the busiest real estate market.

The Liberty Village condo market for February 2022 has proven crazy. While January was bonkers, we’re calling February bonkers minus one.

Any predictions for the next couple months or upcoming Spring market? Let us know in the comments below.

If you have any specific questions about the market or are curious as to how this relates to your Liberty Village condo, get in touch. You can fill out our Condo Value Form or send us an email.

Kylie Solway

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