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Toronto and West GTA Real Estate Market Update – March 2022

Apr 11, 2022 | Market News

𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for March 2022 vs. 2021 home sales in Toronto, Mississauga, Oakville, Burlington 📈

𝗧𝗵𝗶𝗿𝗱 𝗯𝗲𝘀𝘁 𝗠𝗮𝗿𝗰𝗵 𝗮𝗻𝗱 𝘀𝗲𝗰𝗼𝗻𝗱 𝗯𝗲𝘀𝘁 𝗳𝗶𝗿𝘀𝘁 𝗾𝘂𝗮𝗿𝘁𝗲𝗿 𝗼𝗻 𝗿𝗲𝗰𝗼𝗿𝗱!

Although it was the third best March on record, home sales volume across the Toronto Regional Real Estate Board in March accounted for a 30% decline compared to the record result in March 2021.

Market conditions remain tight however Buyer competition is currently less fierce than it was a year ago.

𝙒𝙝𝙖𝙩𝙨 𝙝𝙖𝙥𝙥𝙚𝙣𝙞𝙣𝙜 𝙞𝙣 𝙤𝙪𝙧 𝙢𝙖𝙧𝙠𝙚𝙩 𝙞𝙨 𝙣𝙤𝙩 𝙖 ‘𝙤𝙣𝙚 𝙨𝙞𝙯𝙚 𝙛𝙞𝙩𝙨 𝙖𝙡𝙡 ‘ 𝙨𝙮𝙣𝙤𝙥𝙨𝙞𝙨 𝙖𝙘𝙧𝙤𝙨𝙨 𝙩𝙝𝙚 𝙗𝙤𝙖𝙧𝙙 

Depending on the neighbourhood, area, price point and type of product, some homes are still selling with multiple offers or the day of list on a pre-emptive offer, whereas others with an offer date strategy are not selling at their intended target resulting in re-listing the property at a ‘buy it now’ price.

𝗔𝗹𝘁𝗵𝗼𝘂𝗴𝗵 𝘁𝗵𝗲 𝘃𝗮𝗹𝘂𝗲𝘀 𝗮𝗿𝗲 𝘂𝗽 𝘆𝗲𝗮𝗿 𝗼𝘃𝗲𝗿 𝘆𝗲𝗮𝗿, what’s interesting to note is the change in the average sold price for detached homes in the one month time frame between February to March 2022:

◻️ Toronto detached average price in March vs. February of this year is down $153,971. 

◻️ Mississauga detached average price in March vs. February of this year is down $164,373. 

◻️ Oakville detached average price is flat month to month.

◻️ Burlington detached average price in March vs. February of this year is down $174,541. 

This suggests a couple of things: a case of being better supplied with inventory and less Buyer competition/demand resulting in a lower average selling price, and/or fewer homes sold in a higher price point/luxury category which would elevate the average price.

See the full details of each area within our update ➡️ swipe or click on each image to view.⁣

⁣⁣Whether you’re considering buying or selling it’s important to have a knowledgable Realtor on your side to help navigate our current market conditions.

We are very experienced when it comes to a changing real estate market and will provide you with the best possible personalized advice and support. ⁣Get in touch anytime and let’s chat about your goals.