2022/04/07 | Team Hani Al Olabi
WHAT'S HAPPENING IN THE MARKET?
The market showed its first sign of relief with home prices dropping slightly in March. We are, however, still far from a Buyer's Market. Competition between homebuyers in the GTA remains very strong in most neighborhoods, but with this balance in the first quarter of 2022, there's a likelihood that price growth could moderate as we progress through the year.
Looking at March 2022, the average selling price in the GTA was $1,299,986. An overall increase of 18.4% when compared to last year of March. When compared to last month (FEB 2022), the average selling price has decreased by $34,582.
This decrease in price is evident across all home types except for Condo Apartments, which experienced a slight increase of 1.1%. On the other hand, the property type that suffered the most is Detached homes which are down 5.6% from last month.
In March 2022, we had 10,953 transactions, a 30% drop from the same month of last year.
Transactions are increasing as we progress through 2022, however as expected, we are still below the record number of transactions from 2021.
Last month, we ended February with 6,985 listings in the GTA. Since then, active listings have increased by 3,182 to 10,167. When compared to March of 2021, we are slowly closing the gap, only being lower by 4.1%.
Analyzing the amount of inventory over the last 5 years, we are still very low when compared to 2018 & 2019. However, with upcoming interest rate announcements, we are expecting the rates to increase along with the amount of inventory for 2022.
If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.
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