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.
Toronto/GTA REALTORS® reported 10,955 sales through TREB’s MLS® System 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.
The MLS® Home Price Index Composite benchmark was up by 34.8% 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% 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.
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