(Note: Numbers in parentheses are from last February)
The seasonal trend of rising prices in the spring was not seen this past month with the slight decline in average sale price of $1,218,546 ($1,210,889). New listings rose to 6,537 (4,889). Days on market decreased from 11 to 10, nearly half what it was in March 2021.
Average prices are all up compared to the same month in 2021. All housing categories sold for higher than last February’s averages except for one. See below for the breakdown:
👉 Detached homes experienced a decline in the average price from $2,073,989 in February to $1,920,018, still higher than last year by 9.6% (23.1%).
GTA – $1,697,396 ($1,797,203) average sale price, 20.9% (31%) YOY
👉 Semi-detached homes are at 19.9% (13.2%) YOY with an average sale price of $1,545,447 ($1,499,489).
GTA – $1,317,048 ($1,358,415) average sale price, 26% (29.6%) YOY
👉 Townhomes sold for higher at $1,473,569 ($1,416,044) on average with 17.4% (22.8%) YOY.
GTA – $1,087,733 ($1,121,641) average sale price, 25% (30.5%) YOY
👉 Average sale price for condos continue to rise at $831,351 ($822,090), 17.4% (21.4%) higher than in March 2021.
GTA – $808,566 ($799,966) average sale price, 19.6% (24.6%) YOY
Average sale price is still significantly higher than a year ago with 19% YOY but 3% lower compared to last month. Although the decrease is slight, it just might be the start of a trend towards a better-balanced market. Demand still outpaces supply significantly but prices are likely to level off gradually across most housing categories.
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