Hi, I’m Thomas Cook from Toronto's Real Estate Team at RE/MAX and here is our March 2022 Toronto real estate market report.
It seems the 1.5% increase in 5-year mortgage money over the last 6 months has finally influenced our market.
Let’s review some of the Toronto Real Estate Board statistics and see what’s happened.
March numbers came in third historically with 10,955 sales of houses and condos across the GTA. Although 30% below the strong start of 2021, sales surpassed most previous March results. An ultra-low supply of inventory contributed to keeping appreciation high.
Condo townhouse and high-rise suites had the 3rd highest percentage of total sales in March (36.7%) signalling condos are in high demand. Overall, 4,024 units were sold in the month.
The March 2022 average sale price for all GTA homes came in at $1,299,894… a big 18.5% increase compared to one year ago. If you compare this March to March 2020, two years ago, the average sale price is up 44%.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The ‘active listing’ inventory average for the month of March was down just 4% compared to last year at this time with 10,167 active listings this year. This is the 2nd lowest that number has ever been during the month of March.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
With our extremely busy market with low inventory numbers, the March ratio bumped up to 107.8% which is representative of an ultra-busy seller’s market (but lower than in February).
The days-on-market average for GTA / Toronto homes was 1 day faster at 8 days.
Here’s a snapshot summary of the significant real estate milestones for Toronto in MARCH 2022 as we begin the year.
- March sales (10,955) were 30% below last year but were the 3rd highest ever for the month of March on TRREB
- Active Listings (10,167) were the 2nd lowest ever for the month
- The ratio of sales-to-listings remained “over-the-top” at 108% in March– keeping us in an ULTRA-busy seller’s market
- The March average sale price came in at $1,299,894– and rose to 18.5% above one year ago and 44% above the March average in 2020
- This average sale price was the 2nd-highest-ever recorded on the Toronto Real Estate Board – about $35,000 below our highest ever achieved in February
- The GTA real estate market overall averaged a quick 8 days-on-market
- Detached home sales in March 2022 with a purchase price over $2,000,000 were up 18% (1073 houses) while condo apartment sales over $2M were lower by 11% (25 suites) compared to March 2021
- The CONDO townhouse / highrise share of the market came in at a big 36.7% during the month and condo sales (4,024) were the 3rd highest ever for the month of March
- Downtown condo active listing numbers were marginally lower… by -5.5% in C01 and by -6.6% in C08 from last year
- March year-over-year downtown condo sales were lower in both C01 (-25% & 3rd highest since 2000) and in C08 (-15% & 2nd highest ever) compared to 2021 with specific monthly average sale prices showing 15% to 16% increases year-over-year
- The downtown condo days-on-market average dropped dramatically to 10 days (C01) & 10 days (C08)
- The ratio of sales-to-listings for condos downtown in C01 to 98.7% and in C08 to 105% leaving both condo districts in extremely busy seller market territory
- March 2022 showed no change to the trend we’ve had over the past several months of low listing inventory and high buyer interest although higher interest rates may be starting to affect our market with a 1.5% increase over the last 6 months
- March saw detached homes in the 905 appreciate year-over-year by an average of 24% and 905 condominium average sale prices rise by an average of 25.2%
- As we ended the month of March, the market seemed to be taking a breather after having 25,642 sales in the 1st quarter of 2022. This is the 2nd highest number of sales we’ve ever had for that period. Have we peaked early in our typically busy spring market? The next 4 weeks will tell us.
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