03.15.2022 | Market Report

Real Estate Market Report: March 2022

February home sales ended as the second-best result in history. Listings were still tight and we ended the month moving into a slightly more balanced market. The average selling price year over year was up by 27.7% to $1,334,544 across the GTA.

You may hear in the news that sales were down by 16.8% in February. Yes, this is true, however, that is comparing the best February on record (2021) to this year. Remember, this was the second-best February on record, don’t let the news outlets hunt for a negative headline to sell papers steer you in the wrong direction. Overall supply at all housing levels has increased through the end of the month and we are potentially seeing a move to a more balanced market through March.

I would expect this spring market to remain strong, however, with a more balanced market, we may see the multiple offer craziness of the last number of months slow down as buyers settle in on digesting the new market prices in their areas. We’ll make sure to keep a close eye on the lead indicators week to week (showings, offers, new listings & solds) to help ensure that all of our clients are using the best strategies given your unique situations.