As per TRREB Market Watch Report, in March 2022, number of home sales went up by 20.7% compared to February 2022, which was a slow month. Even though March 2022 sales were the third best recorded in history, when we look at the year over-year change in number of sales, March 2022 was down by 29.9% from March 2021.
Number of new listings dropped slightly less than the number of sales, indicating a continued move to a slightly more balanced market. However, because inventory remains low, there is still competition between buyers, although not as much as was observed last year.
As per TRREB Market Watch Report, in March 2022, average sales price went down by 2.6% from February 2022, which is highly unusual looking back at the seasonal trends. This is due to the relative increase in the number of condo sales compared to other market segments, bringing the average price down. The year-over-year increase in average sales price was 18.5%, slightly lower than the year-over-year increase of February 2022, which is again unusual as per the seasonal trends.
Please contact me with any questions on how to interpret this data or if I can provide further insight for your specific situation. As a REALTOR®, I have access to a lot more information that I can present here. I will do a deep-dive and extract the information you are looking for to make decisions.
Check out my summary chart for Toronto, Mississauga, and Oakville HERE.
Click HERE to see the full TRREB report.