Toronto’s March home prices dip as supply ramps up

Author of the article: The average selling price of a home in the Greater Toronto Area inched down in March from the prior month, bucking the usual spring trend, as new listings continued to pick up steam, the Toronto Regional Real Estate Board (TRREB) said on Tuesday. The average price of a resale home slipped…
Toronto’s March home prices dip as supply ramps up

Author of the article:

The average selling price of a home in the Greater

Toronto Area inched down in March from the prior month, bucking the usual spring

trend, as new listings continued to pick up steam, the Toronto Regional Real

Estate Board (TRREB) said on Tuesday.

The average price of a resale home slipped 2.6% in March from February.

Prices were up 18.5% on the year, though that was a deceleration from a frothier

pace in February. Sales rose slightly on a month-over-month basis, but fell

29.9% from the record high set in March 2021.

“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 with a year earlier,” TRREB said in a release.

Average selling prices were down on the month for detached, semi-detached

and townhouse properties, but rose for condo apartments.

MARCH FEBRUARY MARCH 2021 YR/YR PCT CHANGE

TOTAL SALES 10,955 9,097 15,628 -29.9%

AVERAGE PRICE C$1,299,894 C$1,334,544 C$1,097,351 18.5%

NEW LISTINGS 20,038 14,147 22,747 -11.9%

Sales by type of property

MARCH YR/YR PCT CHANGE

DETACHED 4,884 -35.3%

SEMI-DETACHED 983 -33.4%

TOWNHOUSE 1,842 -29.9%

CONDO APARTMENT 3,154 -17.6%

Average price by type of property

MARCH YR/YR PCT CHANGE

DETACHED C$1,697,396 20.9%

SEMI-DETACHED C$1,317,048 26.0%

TOWNHOUSE C$1,087,733 25.0%

CONDO APARTMENT C$ 808,566 19.6%

($1 = 1.2485 Canadian dollars)

(Reporting by Julie Gordon in Ottawa; Editing by Sherry Jacob-Phillips)

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