Tight Market Conditions remain for the GTA and Burlington areas. Both areas experienced a new high for Average Selling Prices. Here are your detailed results for the month of March:
G.T.A. MARCH MARKET ANALYSIS
GTA Realtors® reportd 10,955 sales through TRREB's MLS® system in March, representing a 30% decline compared to the record result of 15,628 in March of 2021. While sales were down year-over-year for all major market segments, condominium apartment transactions dipped by a much lesser annual rate.
The Average Selling Price was up by 18.5% year-over-year - to $1.3 million. However, the Average Selling Price dipped slightly month-over-month, bucking the regular seasonal trend.
"Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments. However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year," said TRREB Chief Market Anaylsis Jason Mercer.
BURLINGTON MARKET RESULTS
The Sales activity for Burlington, when compared to the same month last year was down by 20%. New listings on the market declined by a minimal amount - 5.7%. Burlington has less than 1 month of inventory left which again, means tight market conditions remain. The Average Selling Price remains at a double-digit increase of 19,8%, For your full market results in Burlington, please click here.
OAKVILLE & MILTON MARCH RESULTS
"For the month of March, market conditions remained tight but we're seeing some improvement compared to last year. New listings were down annually but by a lesser rate than sales. This indicates that people looking to buy a home right now are experiencing less competition than those who were entering the market in March 2021, which is a good sign." says OMDREB President Vishai Kapoor. For your full Oakville & Milton report, please click here.