March 2022 Market Review

REAL March Market Review

ESTATE

GTA MONTHLY STATISTICS

March 2022

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

GTA AREA Sales

Semi-Detached

Townhouse

Condo Apt

416

905

416

905

1,098

3,786

1,920,018

1,632,832

-23.9%

Year-Over-Year Percent Change

Detached

Average Price

-38%

9.5%

23.6%

331

652

1,545,447

-29.7%

-35.2%

20%

388

1,454

1,117,469

-30.1%

-29.9%

16.3%

27.6%

2,141

1,013

831,351

760,410

-18.3%

-16.3%

17.4%

25.2%

1,201,097 28.9%

1,079,798

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

MARKET OVERVIEW TORONTO, ONTARIO, April 5, 2022 – 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.

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

MARKET OVERVIEW 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.

MISSISSAUGA MONTHLY STATISTICS

March 2022

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

Detached

Semi-Detached

Townhouse

Condo Apt

Year-Over-Year Percent Change

MISSISSAUGA Average Price

Sales

Listings

333

602

-37%

-20%

126

248

-34%

-7%

35

68

-47%

-28%

26%

352

532

$735,675

64%

-4%

52%

$1,756,910 11%

$1,269,394 26%

$1,210,888

Days on Market 8 -10%

6 -15%

6 -20%

7 0.0%

TORONTO MONTHLY STATISTICS

March 2022

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

Detached

Semi-Detached

Townhouse

Condo Apt

Year-Over-Year Percent Change

TORONTO Sales

Listings

Average Price

Days on Market

1,098

1,908

$1,920,018

9

-16%

10%

331

526

$1,545,447

-30%

-21%

20%

119

215

-24%

$1,473,569

-35%

-23%

22%

2,141

3,393

$831,351

1%

18%

-18%

-10%

8 14%

7 -30%

10 -33%

OAKVILLE MONTHLY STATISTICS

March 2022

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

Detached

Semi-Detached

Townhouse

Condo Apt

Year-Over-Year Percent Change

OAKVILLE Sales

Listings

231

429

-36%

-10%

20

25

-13%

-32%

69

128

-33%

-25%

54

97

-22%

0.0%

Average Price $2,362,508 26%

$1,400,749 -25%

$1,425,573 21%

$896,757 -1%

Days on Market 11 -8%

7 40%

7 0.0%

10 -55%

BURLINGTON MONTHLY STATISTICS

March 2022

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

Detached

Semi-Detached

Townhouse

Condo Apt

Year-Over-Year Percent Change

BURLINGTON Sales

Listings

183

300

Average Price $1,638,040

-22%

-12%

17

34

-15%

31%

39

58

-20%

16%

31%

65

106

$760,823

4%

27%

-4%

15%

$1,179,729 32%

$1,202,368

Days on Market 6 -40%

8 33%

6 0.0%

9 -25%

MILTON MONTHLY STATISTICS

March 2022

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

Detached

Semi-Detached

Townhouse

Condo Apt

Year-Over-Year Percent Change

MILTON Sales

Listings

101

252

Average Price $1,712,357

-45%

-6%

30%

23

45

-47%

-26%

78

166

-44%

5%

27%

33

50

$752,753

-27%

0.0%

30%

$1,261,261 27%

$1,104,261

Days on Market 6 -14%

8 60%

7 0.0%

7 -36%

VAUGHAN MONTHLY STATISTICS

March 2022

Source: Toronto Regional Real Estate Board, Market Watch, March 2022

Detached

Semi-Detached

Townhouse

Condo Apt

Year-Over-Year Percent Change

VAUGHAN Sales

Listings

Average Price

Days on Market

249

516

$2,044,573

7

-32%

-18%

44

81

-31%

-25%

61

171

-36%

-10%

31%

125

223

$795,434

22%

24%

-24%

20%

$1,380,747 22%

$1,377,607

-30%

7 13%

7 0.0%

12 -29%

DURHAM MONTHLY STATISTICS

March 2022

Source: Toronto Regional Real Estate Board, Market Watch, March, 2022

Detached

Semi-Detached

Townhouse

Condo Apt

Year-Over-Year Percent Change

DURHAM REGION Sales

Listings

Average Price

Days on Market

953

1,640

$1,254,499

7

-16%

27%

-34%

102

173

$977,258

-23%

-13%

171

361

$1,008,487

-32%

-0.3%

31%

65

112

$697,840

-13%

38%

45%

32%

0.0%

6 0.0%

6 -14%

8 -20%