TORONTO, April 05, 2022 (GLOBE NEWSWIRE) -- 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.
Highlights are as follows:
"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.
"Housing policy decisions and promises made in conjunction with the upcoming provincial and municipal elections will influence not only the GTA housing market but also the region's overall economic competitiveness. Of particular importance will be the reduction of roadblocks and red tape associated with the development of more housing rather than trying to suppress demand which has been ineffective. Population growth is expected to be at or near record levels in the coming years. Demand for ownership and rental housing is not going away," said TRREB CEO John DiMichele.
Summary of TRREB MLS® System Sales and Average Price March 1?31, 2022 | ||||||
2022 | 2021 | |||||
Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
City of Toronto ("416") | 3,981 | 1,218,546 | 6,537 | 5,128 | 1,082,896 | 7,234 |
Rest of GTA ("905") | 6,974 | 1,346,331 | 13,501 | 10,500 | 1,104,410 | 15,513 |
GTA | 10,955 | 1,299,894 | 20,038 | 15,628 | 1,097,351 | 22,747 |
TRREB MLS® System Sales & Average Price by Home Type March 1?31, 2022 | ||||||
Sales | Average Price | |||||
416 | 905 | Total | 416 | 905 | Total | |
Detached | 1,098 | 3,786 | 4,884 | 1,920,018 | 1,632,832 | 1,697,396 |
Yr./Yr. % Change | -23.9% | -38.0% | -35.3% | 9.5% | 23.6% | 20.9% |
Semi- Detached | 331 | 652 | 983 | 1,545,447 | 1,201,097 | 1,317,048 |
Yr./Yr. % Change | -29.7% | -35.2% | -33.4% | 20.0% | 28.9% | 26.0% |
Townhouse | 388 | 1,454 | 1,842 | 1,117,469 | 1,079,798 | 1,087,733 |
Yr./Yr. % Change | -30.1% | -29.9% | -29.9% | 16.3% | 27.6% | 25.0% |
Condo Apartment | 2,141 | 1,013 | 3,154 | 831,351 | 760,410 | 808,566 |
Yr./Yr. % Change | -18.3% | -16.3% | -17.6% | 17.4% | 25.2% | 19.6% |
March 2022 Year-Over-Year Per Cent Change in the MLS® HPI | |||||
Composite (All Types) | Single- Family Detached | Single-Family Attached | Townhouse | Apartment | |
TRREB Total | 34.81% | 34.67% | 35.24% | 34.54% | 33.85% |
Halton Region | 32.62% | 31.08% | 34.81% | 30.01% | 32.26% |
Peel Region | 39.45% | 39.61% | 39.58% | 35.57% | 41.21% |
City of Toronto | 28.00% | 25.42% | 23.01% | 30.35% | 30.30% |
York Region | 38.87% | 36.14% | 40.29% | 39.33% | 43.56% |
Durham Region | 42.49% | 41.97% | 42.00% | 44.06% | 49.10% |
Orangeville | 36.37% | 34.44% | 33.68% | 50.84% | 49.59% |
South Simcoe County1 | 34.32% | 36.45% | 40.60% | 46.70% | 43.45% |
Source: Toronto Regional Real Estate Board 1South Simcoe includes Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth |
Year-to-Date Summary of TRREB MLS® System Sales and Average Price March 2022 | ||||||
2022 | 2021 | |||||
Sales | Average Price | New Listings | Sales | Average Price | New Listings | |
City of Toronto ("416") | 9,455 | 1,181,476 | 14,540 | 11,507 | 1,004,313 | 15,496 |
Rest of GTA ("905") | 16,187 | 1,368,584 | 27,633 | 21,937 | 1,078,816 | 31,835 |
GTA | 25,642 | 1,299,591 | 42,173 | 33,444 | 1,053,182 | 47,331 |
YTD TRREB MLS® System Sales & Average Price by Home Type March 2022 | ||||||||||||
Sales | Average Price | |||||||||||
416 | 905 | Total | 416 | 905 | Total | |||||||
Detached | 2,356 | 8,672 | 11,028 | 1,964,971 | 1,681,470 | 1,742,037 | ||||||
Yr./Yr. % Change | -17.8% | -29.7% | -27.5% | 15.5% | 28.2% | 25.8% | ||||||
Semi-Detached | 736 | 1,439 | 2,175 | 1,515,388 | 1,235,799 | 1,330,409 | ||||||
Yr./Yr. % Change | -20.6% | -29.0% | -26.3% | 18.2% | 33.4% | 28.1% | ||||||
Townhouse | 912 | 3,384 | 4,296 | 1,114,002 | 1,094,909 | 1,098,962 | ||||||
Yr./Yr. % Change | -21.1% | -23.6% | -23.1% | 21.6% | 30.8% | 28.8% | ||||||
Condo Apartment | 5,386 | 2,548 | 7,934 | 809,850 | 749,289 | 790,401 | ||||||
Yr./Yr. % Change | -16.8% | -12.9% | -15.6% | 19.8% | 29.8% | 22.5% |
Source: Toronto Regional Real Estate Board
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The Toronto Regional Real Estate Board is Canada's largest real estate board with more than 66,000 residential and commercial professionals connecting people, property and communities.
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