June 24, 2022

Market and Financial News

Market and Financial News Aggregator

Toronto home sales cool in March as average price dips to just under $1.3 million

2 min read

While it is still a tight market out there, competition among home buyers is easing

Article content

Toronto home sales in March could not keep pace with last year’s record, seeing a 30 per cent drop to 10,955 units sold last month.

Advertisement 2

Article content

Despite the dip in sales, the Toronto Regional Real Estate Board called the recent data reading the third-best March and second-best quarter on record.

The average selling price of a home slipped over 2 per cent from the month before to just under $1.3 million, bucking a seasonal trend. However, prices are still up 18 per cent from the same time last year, underscoring a worsening affordability issue amid a tight market.

Article content

“Now is the time for governments to govern and focus on measures that are proven to increase housing supply,” said TRREB president Kevin Crigger in a press release. “The (Greater Toronto Area) 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.”

Stephanie Hughes

2022-04-05 06:37:14

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator

Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.