Average GTA Home Price Hovers at $1.3M

Author of the article: TRREB Forecasts Pace of Price Growth to Slow This Year 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…
Average GTA Home Price Hovers at $1.3M

Author of the article:

TRREB Forecasts Pace of Price Growth to Slow This Year

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:

  • 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.

“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

READ THE FULL REPORT.

Media Inquiries:

Genevieve Grant, Public Affairs Specialist [email protected] 416-443-8159

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.

www.trreb.ca/

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