TORONTO, ONTARIO, April 5, 2022 – There were almost 11,000 Greater Toronto Area (GTA) home
sales reported in March 2022, capping off the third-best March and second-best first quarter on record.
Tight market conditions continued to support a double-digit annual pace of price growth, with an
average selling price of $1.3 million. The average selling price dipped slightly month-over-month,
bucking the regular seasonal trend.
“Now is the time for governments to govern and focus on measures that are proven to increase housing
supply. The GTA population will experience rapid growth in the coming years as our region’s economic
strength and diversity continues to attract people from around the world. In order to sustain this growth,
we need adequate housing supply and choice. This needs to be the focus of policymakers rather than
short-term and ineffective measures to artificially suppress demand. Evidence-based decision-making
should inform government policies, and we encourage representatives at all levels of government to
think big and act decisively to improve needed housing supply in a significant way,” said TRREB
President Kevin Crigger.
Here are the highlights:
- GTA REALTORS® reported 10,955 sales through TRREB’s MLS® System in March 2022,
representing a 30 per cent decline compared to the record result of 15,628 in March 2021. While
sales were down year-over-year for all major market segments, condominium apartment
transactions dipped by a much lesser annual rate. - 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, home buyers did not
experience the same level of competition from other buyers compared to a year earlier. - The MLS® Home Price Index Composite benchmark was up by 34.8 per cent year-over-year in
March 2022. This annual rate of increase was down slightly from February. The average selling
price was up by 18.5 per cent year-over-year. The annual growth rates for the MLS HPI® and
average selling price differed, in part, because the mix of homes sold in March 2022 shifted in
favour of condominium apartments which generally sell for a lower average price compared to other
home types.
“Competition between home buyers 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.
“Housing policy decisions and promises made in conjunction with the upcoming provincial and
municipal elections will influence not only the GTA housing market but also the region’s overall
economic competitiveness. Of particular importance will be the reduction of roadblocks and red tape
associated with the development of more housing rather than trying to suppress demand which has
been ineffective. Population growth is expected to be at or near record levels in the coming years.
Demand for ownership and rental housing is not going away,” said TRREB CEO John DiMichele.
