GTA home prices are up 18.5% but there might be some good news

Buying a home in the GTA is as expensive as ever.

According to a new market report by the Toronto Regional Real Estate Board (TRREB), the average selling price of a Toronto home in March 2022 is now at $1,299,894 — that’s a $57,101 increase from the average in January 2022 and a $202,543 increase from last year’s average in March 2021.

TRREB

Despite this, the average selling price dipped slightly, “bucking the regular seasonal trend.”

This might be a sign that price increases are finally starting to slow down — great news for those looking to dip their toe in Toronto’s real estate market.

According to the report, although competition between homebuyers in the GTA remained strong in most neighbourhoods, “home buyers did not experience the same level of competition from other buyers compared to a year earlier.”

“We did experience more balance in the first quarter of 2022 compared to last year,” said TRREB Chief Market Analyst Jason Mercer. “If this trend continues, it is possible that the pace of price growth could moderate as we move through the year.”

The number of sales was also down by 30%. In March 2021, 15,628 homes were sold, while in March 2022, there were only 10,955 registered sales. There were also fewer new listings last month.

TRREB

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TRREB President Kevin Crigger said that as the GTA experiences population and economic growth, policymakers need to make changes to ensure that there’s adequate housing.

“Now is the time for governments to govern and focus on measures that are proven to increase housing supply,” said TRREB President Kevin Crigger. “The GTA population will experience rapid growth in the coming years as our region’s economic strength and diversity continue to attract people from around the world. In order to sustain this growth, we need adequate housing supply and choice.”

Here are the sales and average price by home type in the GTA in March 2022:

Detached: 4,884 sold with an average price of $1,697,396

Semi-detached: 983 sold with an average price of $1,317,048

Townhouse: 1,842 sold with an average price of $1,087,733

Condos: 3,154 sold with an average price of $808,566