Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of March 2022.
GTA REALTORS® reported 10,955 sales through TRREB’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.
“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.
“Competition between home buyers in the GTA remains very strong in most neighborhoods 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.
Year-Over-Year Summary :
The overall average selling price in March 2022 increased by 18.5% with an average of $1,299,894 which was $1,097,351 in March 2021.
Area wise :
Apart from the overall real estate market trend, it is important to know the area-wise trend as well to invest in the right place.
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