by Nutan Brown
on Tuesday, April 12th, 2022 at 9:32am.
The Toronto real estate market saw a slight dip in home prices last month, but don't expect a buyers' market anytime soon.
According to the latest TRREB statistics, the average home price in Toronto reached $1,299,894 last month, up 19% from the same month last year - but down 3% compared to February 2022. These numbers suggest that some heat has been taken out of the market.
Despite a slight dip in month-over-month prices, it is still a tight sellers' market. Potential buyers waiting on the sidelines for prices to cool may not get the relief they need to make a purchase.
According to the real estate board’s chief market analyst Jason Mercer, “I don’t see 2022 moving to a buyers’ market where you could see prices flatlining or dropping on a year-over-year basis. But I do think you will see a moderation in the rate of price growth as you move through the year."
While there may be less competition among buyers, listings would have to exceed sales for a number of months to bring the housing market’s supply and demand into more balance.
The number of new listings increased in March to 20,038, up from 14,147 in February. But the number of homes that came on the market last month was still down about 12% year over year and active listings declined 4%.
With so many changes occurring, it will be especially important to keep an eye on the housing market if you are planning to make a move soon. As always, contact me if you have any questions.