June 24, 2022

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

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

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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.

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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.

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“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

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