Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and March highlights from the Toronto Regional Real Estate Board (TRREB).
- The average GTA Home Price Hovers At $1.3m.
- There were nearly 11,000 Greater Toronto Area (GTA) home sales reported in March 2022.
- This end of as the third-best March and second-best first quarter on record. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million. The average selling price dipped slightly month-over-month, bucking the regular seasonal trend.
CONDOMINIUM SALE STATS
GTA Market Statistics for March:
- Realtors reported 10,955 sales through TRREB’s MLS® System in March 2022, representing a 30% decline compared to the record result of 15,628 in March 2021.
- While sales were down year-over-year for all major market segments, condominium apartment transactions dipped by a much lesser annual rate.
- New listings were also down on a year-over-year basis, but by a much lesser annual rate than sales.
- This suggests that while market conditions remained very tight, home buyers did not experience the same level of competition from other buyers compared to a year earlier.
- The MLS® Home Price Index Composite benchmark was up by 34.8% year-over-year in March 2022. This annual rate of increase was down slightly from February. The average selling price was up by 18.5 per cent year-over-year.
- The annual growth rates for the MLS HPI® and average selling price differed, in part, because the mix of homes sold in March 2022 shifted in favour of condominium apartments which generally sell for a lower average price compared to other home types.
A statement by Jason Mercer, Chief Market Analyst, TRREB
“Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year”
We’d welcome an opportunity to discuss the March Toronto Regional Real Estate forecast and Market Watch presentation. If you have any questions about our services, please contact our team today.