March Real Estate Market Report

How GTA Home Sales Have Shifted Month-Over-Month and Year-Over-Year

march22-real-estate-market-report

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.

Here’s our monthly breakdown of the stats.

GTA Home Sales: TRREB’s March 2022 Statistics

Below, you’ll find the main conclusions from TRREB’s March 2022 Market Watch report.

  • GTA realtors reported 10,955 sales in March 2022, which is down 30% year over year.
  • New listings dropped year-over-year, but by a much lesser annual rate than sales, pointing to a modest move to a slightly more balanced market.
  • The average selling price was up by 18.5% year-over-year.

We’ve also taken a look at how GTA detached home sales have changed between February 2022 and March 2022 in Storey Collective’s communities.

  • The sales-to-new-listings-ratio (SNLR) across the GTA for detached homes was down month over monthSNLR of 55%+ indicates a seller’s market, which means there are more buyers than properties for sale. SNLR between 34% and 54% indicates a balanced market with about the same number of properties for sale as there are buyers. SNLR of 35% or less indicates a buyer’s market with more properties for sale than there are buyers.

Toronto

  • Home sales were up by 130.7%
  • New listings were up by 140%
  • Average sale price was up by 1.8%. 
  • The sales to new listings ratio (SNLR) dropped by 2.3% to 57.5%, trending toward a more balanced market. 

Halton Hills

  • Home sales were up by 137.5%
  • New listings were up by 198.2%. 
  • Average sale price was up 24%
  • The sales to new listings ratio (SNLR) dropped by 14.5% to 56.9%, trending toward a more balanced market. 

Oakville

  • Home sales were up by 192.4%
  • New listings were up by 251.6%
  • Average sale price was down 5.4% 
  • The sales to new listings ratio (SNLR) fell by 10.9% to 53.8%, a balanced market. 

Milton

  • Home sales were down 8.4%
  • New listings were up by 8.2%
  • Average sale price was up 31.7% 
  • The sales to new listings ratio (SNLR) increased by 6.8% to 70.3%, trending toward a more balanced market.  

Burlington

  • Home sales were up 147.3%.
  • New listings were up 197%
  • Average sale price decreased by 10.4%. 
  • The sales to new listings ratio (SNLR) fell by 12.3% to 61%, trending toward a more balanced market. 

Mississauga

  • Home sales were up 128.1%
  • New listings were up 196.6%
  • Average sale price decreased by 10.5%
  • The sales to new listings ratio (SNLR) fell by 16.6% to 55.3%, a balanced market. 

You can also take a look at our community pages for Toronto, Halton Hills, Oakville, Milton, Burlington, and Mississauga. You’ll find our year-over-year and month-over-month market summaries on these pages.

How Storey Collective Can Help

We examine GTA home sales each month to advise buyers and sellers on how best to secure and sell properties in the Greater Toronto Area. 

If you’d like advice on how to make the most of the housing market during a particular season, get in touch with Storey Collective for a free phone consultation.