Highlight the Real Estate Market in Toronto
Toronto's real estate market always seems to be a spectacular market for several investors. In Toronto's housing market, prices of homes began to decline in March 2022, following a significant increase in prices between December 2020 and February 2022. The average sold price in the Greater Toronto Area for March 2022 was $1,299,894, representing a decrease from the average sold price of $1,334,544 in February 2022. The average Toronto Homes for sale is $1,299,894 this month.
I believe that Toronto's home prices have increased by only 18.5 percent year-over-year. The plunge indicates a growth of 18.5 percent if you have invested in Toronto real estate. That's a long way from February 2022, when home prices increased by 28 percent year on year for the month.
The home price index (HPI) benchmark price for Toronto was $1,376,000 in March 2022, increasing the previous month's benchmark price of $1,340,000 in February 2022.
The average home price in Toronto is now lower than the average home price in Vancouver, which was $1,360,500 in March 2022. The average home price in Toronto is now lower than the average home price in Vancouver. In other words, Vancouver is once again the most expensive housing market in Canada, a title that the city has held for more than 30 years, dating back to the year 1991. When Toronto home prices surpassed Vancouver home prices in February 2022, Toronto and the Greater Toronto Area briefly held this distinction. This month, the decline in Toronto's home prices has resulted in Vancouver taking the lead in the race in the race for the most expensive real estate in Canada. The slower rate of home price growth in the Greater Toronto Area for March 2022, up 18.5 percent year over year, is lower than the faster rate of home price growth in Metro Vancouver, which is up 21 percent year over year.
Compared to other areas of the Greater Toronto Area, Mississauga's average home price in March 2022 was $1,182,424, an increase of 11 percent year over year and a decrease of 3.5 percent month over month. It is a far cry from the 23.5 percent year-over-year price growth in Mississauga in February 2022. The average home price in Brampton was $1,310,791 in March 2022, representing a 28 percent increase year-over-year. Home prices in Oakville have increased by 21.6 percent year over year to $1,856,258, while home prices in Markham have increased by 11.3 percent year over year to $1,433,264, according to the Canadian Real Estate Association. The average price of a home in Vaughan has increased by 20 percent year on year to $1,548,926.
When dividing the average prices of Toronto homes for sale into categories for March 2022, the average price of detached homes was $1,697,396, representing a 21 percent increase over the previous year's price. This represents a monthly decrease of 5.5 percent compared to the average detached home price of $1,797,203 recorded in February 2022.
The average price of semi-detached homes in Toronto was $1,317,048, a 3 percent decrease from the previous month and a 26 percent increase from last year. There was a 27 percent increase in the average price of freehold townhouses from the previous year, while the average price of condo townhouses was $948,292, a decrease from the previous year. As a result, the average price of townhouses has increased to $1,087,733, representing a 25 percent increase year-over-year. The average price was $808,566, representing a 20 percent increase year-over-year. Condominiums were the only type of property that saw an increase in average home prices in February 2022 compared to the previous month's prices.
Out of all Toronto home types, freehold townhouses and row houses experienced the greatest percentage increase in average sold prices year over year, increasing by $260,558 over the past year for a 27 percent increase year over year. This represents a greater increase than the $202,329 gain experienced by the overall GTA market over the previous year. The average sold price of $1,087,733 in the larger townhouse category, which includes both freehold and condo townhouses, represents a smaller 25 percent increase year-over-year increase than the smaller townhouse category. Semi-detached homes were the runner-up in year-over-year price growth, with an average price increase of 26 percent per year, resulting in a $271,529 increase over the previous year. This is followed by detached homes, which have seen a 21 percent year-over-year increase, and condominiums, which have seen a 20 percent year-over-year increase.
According to the Toronto Real Estate Board, the number of sales, new listings, and active listings in Toronto's housing market were all down in March 2022. Ten thousand nine hundred fifty-five homes were sold in March 2022, a 30 percent decrease from the fifteen thousand six hundred twenty-eighth homes sold in March 2021. While the number of new listings has decreased by 12 percent in the last year to 20,038, the number of active listings has decreased by four percent in the same period.
This month, slow sales, new listings, and active listings have been contrasted with rising home prices, indicating that the Toronto housing market remains competitive for home buyers in the city. As a result, the average sale-to-list ratio has increased steadily over the past few months, as shown in the chart below. The average sold price in March 2022 was 113 percent of the average listing price, a slight decrease from the 116 percent ratio seen in February 2022 but a significant increase from the 107 percent ratio seen in March 2021, which was the same month the previous year. This means that the average home in Toronto sold for 13 percent more than its original listing price this month compared to the previous month.
The average price in Toronto and the Greater Toronto Area increased to $1,299,894 in March 2022. A year ago, the average price of a home in Toronto was $1,097.565 for March 2021, according to the Real Estate Board of Toronto. Thus, the average home price has increased by $202,329 in just one year. While the sales ratio to new listings in Toronto increased from 116 percent in December 2020 to 70.5 percent in March 2022, it has since declined. This is because there are significantly more new listings coming onto the market than new home sales. Having an SNLR above 70 percent, on the other hand, continues to firmly place Toronto's real estate market is a seller's market. In March 2022, the average number of days a listing was on the market was eight days, down from 10 days in March 2021.