By: Gary Singh

GTA Real Estate Market Update April 2022

Tags: TAGS: HOMES FOR SALE. TORONTO. MILTON, BURLINGTON, MISSISSAUGA. OAKVILLE, VAUGHAN, GTA

 




The Resale Real Estate Statistics for the Month of March 2022 are in and here are the Key Facts


- 10,955 sales reported through Toronto Real Estate Board’s MLS (down 29.9% from March 2021).

- Average selling price of all home types was up 18.5% year over year.

- Only 0.93 months of standing inventory.

Here are some additional year over year statistics based on area and type of home, that will shed some more light on the overall market conditions.

Toronto Statistics - Year over Year Average price change

  Yr/Yr Change Monthly Change
Detached 9.7% -7.4%
Semi Det 20.0% 3.1%
Townhouse 18.6% 1.5%
Condo Towns 14.8% -1.6%
Condo Apartment 17.4% 1.1%
 
Mississauga Statistics – Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 11.0% -8.6%
Semi Det 26.4% -3.4%
Townhouse 26.1% -6.1%
Condo Towns 25.4% -4.8%
Condo Apartment 3.9% 0.0%
 
Brampton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 29.5% -2.2%
Semi Det 31.3% -6.4%
Townhouse 31.0% -6.2%
Condo Towns 30.7% -1.9%
Condo Apartment 39.9% -0.7%
 
Milton Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 30.0% 0.0%
Semi Det 27.3% -9.6%
Townhouse 27.5% -6.8%
Condo Towns 21.3% -5.0%
Condo Apartment 29.7% -3.6%
 
Oakville Statistics - Year over Year Average Price change
  Yr/Yr Change Monthly Change
Detached 25.9% -0.4%
Semi Det 24.9% 1.6%
Townhouse 20.9% -0.1%
Condo Towns 22.4% -7.7%
Condo Apartment -0.4% 9.6%

 
 
The sales volume for the GTA Market was down by 29.9% when compared to March 2021.  Number of new listings and active listings were down 11.9% & 4.1% respectively.
 
Semi-Detached Homes led the price gains last month, coming in at 26.0% year over year increase. Price growth for homes in the suburbs outpaced the price growth of homes in Toronto.
The inventory level was at 0.93 months at the end of March 2022, which is a little higher than what we have seen in the first quarter of 2022.  This could mean the Buyers will have more choice and also the price growth should slow down. 
 
The average price of a home in the GTA for March 2022 was $1,299,894, which is up 4.6% since January, 2022. The month over month average price is down 2.6% from February, 2022.
 
If you are a first time Buyer, this might be a good time to take advantage of historically low interest rates (variable 5 year rate is around 2%) and buy your first home. The higher inventory resulting in sluggish price growth makes this a perfect time to become a homeowner.
If you need to sell, we can arrange for 3D Virtual tours to facilitate virtual showings to reduce the number of in-person showings.  The key in the present market is to price effectively and strategically market the property (call me and we will show you how), staging and presentation play a key role as well.
Please feel free to contact me if you would like me to provide you with detailed market statistics for your area or property.