The Toronto Regional Real Estate Board (TRREB) has released its real estate data for March 2022. With 10,955 home sales reported through the regional MLS, year-over-year transactions were down 29.9%. Though sales were off from last year’s high, this March still represents the third highest sales total in history, and the first quarter of 2022 was the second best on record.
New listings were down 11.9%, but they continue to decrease at a slower rate than sales, which improves the housing supply and reduces the level of competition that buyers experienced this time last year. There were 10,167 active listings at month’s end, which equals an approximate 28-day supply, heading into April.
The average March sale took place with 8 days on market, at an average of 13% over the listing price. The east end continues to see the greatest increases. In Durham Region, the average home sold for 23% above the list price in only 7 days. By comparison, the average sale in the City of Toronto was for 13% above the listing price with 10 days on the market.
The average sales price was slightly off from last month’s high, down to $1,299,894. This is up 18.5% compared to last year. The MLS Home Price Index (HPI) Composite Benchmark, which reflects annual inflation, was up 34.8% (+28% in Toronto).
Looking at price by housing type, detached homes sold for an average of $1,697,396, a year-over-year increase of 20.9%. The average price for semi-detached homes was $1,317,048 (+26%), townhomes rose on average to $1,087,733 (+25%), and the average price of condos was $808,566 (+19.6%).
Despite a modest increase in the housing supply, competition for available inventory remains strong in most neighbourhoods across the GTA. For the latest information in a rapidly changing market, be sure to speak with a member of the Harvey Kalles Real Estate sales team.