The Toronto Regional Real Estate Board (TRREB) has released its latest market stats, which show a 30 percent decline in sales compared to the record result of 15,628 in March 2021. Month-over-month the average selling price dipped slightly to $1.3 million for all housing types.
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.
“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.