Apr 05, 2022
By Jane Brown
Toronto’s hot housing market is still sizzling, just not quite as much as in February.
The latest GTA housing report is out and reveals the average home price dipped slightly in March, but remains about $200,000 higher than in the same month last year.
According to the Toronto Regional Real Estate Board, the average home price was $1,299,894 last month, up 19 per cent from $1,097,351 in March 2021 but down about three per cent from $1,334,328 in February 2022.
The board report says last month’s sales bucked seasonal trends by sliding to 10,955, down 30 per cent from 15,628 a year ago.
Those sales amount to the region’s third-best March and second-best first quarter, but were hampered by a lack of supply.
The report also says new listings for the month totalled 20,038, down from 22,747 last March.
TRREB’s chief market analyst Jason Mercer says the numbers indicate competition is still strong, but beginning to balance in a way that could moderate the pace of price growth later this year.