04/05/2022
Here is your GTA Market Report for March 2022! ➡️ Swipe to see an overview of the stats 📊
Last month's numbers reveal that it was the third-best March and second-best first quarter on record. Here's a look at some of the highlights from the March 2022 GTA Market Report:
👉 There were 10,955 home sales in the GTA reported 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.
👉 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.
While competition among home buyers has remained very strong in most neighbourhoods and market segments across the GTA, we also saw more balance in the first quarter of 2022 as compared to last year. A continuation of this trend means that it's possible that the pace of price growth could moderate throughout the remainder of this year.
Questions about this information or anything else related to the GTA real estate market, or just want to get detailed stats for your specific area or condo building? Please reach out to me at any time!
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