![1NVALUABLE March Greater Toronto Real Estate Market Report Team Elfassy 1NVALUABLE August 2021 Market Report](https://teamelfassy.com/wp-content/uploads/2022/04/1NVALUABLE-March-Greater-Toronto-Real-Estate-Market-Report.jpg)
Greater Toronto Real Estate Market Report
March 2022
The Spring Market is here!
There were almost 11,000 Greater Toronto Area (GTA) home sales reported in March 2022, capping off 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.
“Now is the time for governments to govern and focus on measures that are proven to increase housing supply. The GTA population will experience rapid growth in the coming years as our region’s economic strength and diversity continues to attract people from around the world. In order to sustain this growth, we need adequate housing supply and choice. This needs to be the focus of policymakers rather than short-term and ineffective measures to artificially suppress demand. Evidence-based decision-making should inform government policies, and we encourage representatives at all levels of government to think big and act decisively to improve needed housing supply in a significant way,” said TRREB President Kevin Crigger.
GTA REALTORS® reported 10,955 sales through TRREB’s MLS® System in March 2022, representing a 30 per cent 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 per cent 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.
“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,” said TRREB Chief Market Analyst Jason Mercer.
Take a look at the detailed numbers below. If you have any questions about the market or selling your home, get in touch – we’re here to help!
If considering selling your home, give us a call. Our advanced marketing techniques, free staging, available buyers and uncompromising approach yield consistently excellent results.
January 2022 Market Report
Greater Toronto Real Estate Market Report January 2022 We hope your year is off to a great start! Demand for ownership housing remained very strong from a historic perspective in January 2022. At
December 2021 Market Report
Greater Toronto Real Estate Market Report December 2021 As we alluded to in our last blog post, 2021 was a Record Breaking year for us - and the same is true for the
$260 Million Sold In 2021
A Record Setting Year In 2021 We just got our final sales numbers for 2021 - and despite all the challenges, we managed to accomplish something special. With over a quarter of a
How Can We Help You?
Whether you’re looking for your first home, your dream home or would like to sell, we’d love to work with you! Fill out the form below and a member of our team will be in touch within 24 hours to discuss your real estate needs.
Dave Elfassy, Broker
PHONE: 416.899.1199 | EMAIL: [email protected]
Sutton Group-Admiral Realty Inc., Brokerage
1206 Centre Street
Thornhill, ON
L4J 3M9
Read Our Reviews!
![1NVALUABLE – Team Elfassy Real Estate 1NVALUABLE - Team Elfassy Real Estate](https://teamelfassy.com/wp-content/uploads/2021/04/1NVALUABLE-Nicole-Elfassy-Toronto-Real-Estate-Agent.png)
What does it mean to be 1NVALUABLE? It means we’ve got your back. We understand the trust that you’ve placed in us. That’s why we’ll do everything we can to protect your interests–fiercely and without compromise. We’ll work tirelessly to deliver the best possible outcome for you and your family, because we understand what “home” means to you.
![one-percent-real-estate-commission-gta](https://teamelfassy.com/wp-content/uploads/2021/09/one-percent-real-estate-commission-gta.png)