Average GTA home price hits $1.3M, price growth to slow this year

By NextHome Staff
May 07, 2022

GTA home sales hit almost 11,000 in March 2022, capping off the third-best March and second-best first quarter on record, the Toronto Regional Real Estate Board (TRREB) reports. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million. The average selling price dipped slightly month-over-month, however, bucking the regular seasonal trend.

Moderating price growth

“Now is the time for governments to govern and focus on measures that are proven to increase housing supply,” says TRREB President Kevin Crigger. “The GTA 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. Evidence-based decision-making should inform government policies, and we encourage representatives at all levels of government to think big and act decisively to improve needed housing supply in a significant way.”

“Competition between home buyers in the GTA remains very strong in most neighbourhoods and market segments,” says TRREB Chief Market Analyst Jason Mercer. “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.”

Roadblocks and red tape

“Housing policy decisions and promises made in conjunction with the upcoming provincial and municipal elections will influence not only the GTA housing market, but also the region’s overall economic competitiveness,” adds TRREB CEO John DiMichele. “Of particular importance will be the reduction of roadblocks and red tape associated with the development of more housing rather than trying to suppress demand which has been ineffective. Population growth is expected to be at or near record levels in the coming years. Demand for ownership and rental housing is not going away.”

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