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By The Numbers 

The Toronto Real Estate Boards statistics year over year for the month of March. 

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10,955

TREB Sales 

March2022

15,628

TREB Sales 

March 2021

$1,299,894

TREB Average 

March 2022

$1,097,351

TREB Average Price March 2021

March Numbers 2022

  • Number of Sales 2022
    10,955 | -29.8%
  • Number of Sales 2021
    15,628
  • Number of New Listing 2022
    20,038 | -11.9%
  • Number of New Listings 2021
    22,747
  • Number of Active Listing 2022
    10,167 | -4.1%
  • Number of Active Listings 2021
    10,603
  • Average Price 2022
    $1,299,894| +18.5%
  • Average Price 2021
    $1,097,351
  • Average Days on the Market (DOM) 2022
    8 Days | -16.7%
  • Average Days on the Market (DOM) 2021
    10 Days

TREB Market Summary

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 continue to attract people from around the world. In order to sustain this growth, we need an 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.

GTA REALTORS® reported 10,955 sales through TRREB’s MLS® System in March 2022, representing a 30 percent 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, homebuyers 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 percent 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 percent 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 homebuyers 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.

Breaking Down The Numbers

Sales Numbers, average price  percentage changes over the same time last year.

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Detached

$1,697,396 | +20.9%

4,884 | -35.3%

Townhouse

$1,087,733 | +25.0%

1,842 | -29.9%

Semi Det. 

$1,317,048| +26.0%

983 | -33.4%

Condo Apt.

$808,556 | +19.6%

3,154 | -17.6%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    1,098 | -23.9%.
  • 905 - Detached
    3,786 | -21.6%
  • 416 - Semi Detached
    331 | -29.7%
  • 905 - Semi Detached
    652 | -35.2%
  • 416 - Townhouse
    388 | -30.1%
  • 905 - Townhouse
    1,454 | -29.9%.
  • 416 - Condos
    2,141 | -18.3%
  • 905 - Condos
    1,013 | -16.3%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,920,018 | +9.5%
  • 905 - Detached
    $1,632,832 | +23.6%
  • 416 - Semi Detached
    $1,117,469 | +20.0%
  • 905 - Semi Detached
    $1,201,097| +28.9%
  • 416 - Townhouse
    $1,131,809 | +16.3%,
  • 905 - Townhouse
    $1,079,798 | +27.6%
  • 416 - Condo
    $831,351 | +17.4%
  • 905 - Condo
    $760,410 | +25.2%.

Economic Indicators

  • Real GDP Growth | Q4 - 2021
    Up | 6.6%
  • Toronto Employment Growth | February 2022
    Up| 8.1%.
  • Inflation Rate (Yr/Yr CPI Growth) | February 2022
    Up | 5.7%
  • Toronto Unemployment Rate | February 2022
    Down | 7.4%
  • Bank of Canada Overnight Rate | March 2022
    Unchanged | 0.50%
  • Prime Rate | March 2022
    Unchanged | 2.70%
  • Mortgage Rates March 2022 (1yr/3Yr|5Yr)
    2.99% | 3.69% | 4.79%
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