Market is taking a slight pause…

By: Thomas Cook

Market is taking a slight pause…

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.


Keep Up To Date With Toronto's Real Estate Market
 
Every month we communicate with our readers to give them accurate insights and statistics about what's happening in the Toronto and GTA real estate markets.
 
Subscribe to our free monthly FYI Newsletter HERE