Hello everyone! Danielle Demerino reporting for business. As most of you know, I am a Toronto real estate agent looking to help my clients attain their real estate goals. One of my last blogs was about the Toronto real estate market cooling down and I thought it only made sense to share the latest Toronto Market Watch stats. Those of you who know me, know that I cannot resist numbers and this month’s stats you are gonna want to tune in for!
We are officially through the first quarter of 2022 which seems unbelievable. I have enjoyed getting back to a normal life now that the pandemic has slowed (dare I even say that). As I mentioned in my previous blog, the market has begun to slightly shift, as we see fewer homes being traded which can be attributed to rising interest rates and of course the increase to the foreign buyer tax. Changes of this kind can have a large effect on the market.
Even with less transactions taking place, March 2022 still saw an 18% increase in pricing in the GTA when compared to March of 2021. The average price of a home (including all home types) in the GTA is $1,299,894. Condo transactions in the GTA were also down when we compared the numbers to 2021, again due to limited inventory. We did see the average price of a condo increase by nearly 20% to an average cost of $808,566. Now let’s break this down even further.
Toronto prices were up in March 2022 by 17.6% to $1,181,476 year to date when looking at the average sale price of all property types. Condo resales were up 17.4% to $831,351 year to date.
Oakville prices were up in March 2022 by 23.1% to $1,817,718 year to date when looking at the average sale price of all property types. Condo resales were down by 0.4% to $896,757 year to date.
Durham Region continues to grow. Prices were up in March 2022 by 32.1% to $1,182,203 year to date when looking at the average sale price of all property types. Condo resales were up a wild 44.8% to $697,840 year to date.
Brampton comes in at first place with prices up in March 2022 by 32.3% to $1,337,238 year to date when looking at the average sale price of all property types. Condo resales were up by 39.9% to $688,773 year to date.
While the numbers above still look incredibly promising, the new interest rates, exhausted buyers and foreign taxes will certainly have an effect on the months and numbers to come. I have felt it, my co-workers have felt it, my clients have felt it…the market is cooling.
If you have any specific questions about your neighbourhood, please feel free to contact me at 416-728-5401.
