Almost 11k GTA home sales were reported in March 2022, capping off the third-best March and second-best Q1 on record. Sales decreased YoY for all major market segments, but condo apartment transactions dipped much lesser.
Tight market conditions supported double-digit annual price growth, with an average selling price of $1.3M. The MLS HPI Composite benchmark increased by 34.8% YoY in March 2022.
If this trend continues, the pace of price growth could moderate as we move through the year. However, with a near-record population growth forecast, demand for ownership and rental housing is not going away.