March 15, 2022
Urbanation: March Market Report 2022
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Below is a quick recap of March 2022 results for the GTA condo rental and resale markets.
March 2022 Condo Rental Market Update
- Condominium lease activity remained aligned with the pace of new supply during March, keeping market conditions tight and supporting further growth in rents.
- The 3,252 lease transactions last month represented a 45% monthly increase and a 22% annual decline from the high last year, holding up better than the 26% annual decline in new listings.
- The 92% ratio of leases-to-new listings in March was in line with the average over the last 12 months, keeping active listings at quarter-end close to the nine-quarter low reported for Q4-2021.
- Active listings of 2,278 units in Q1-2022 represented a 23% year-over-year decline and equalled just 0.6 months of supply.
- Average transacted condo rents continued to move higher during March, posting 1.2% month-over-month and 18.7% year-over-year increases.
- At an average of $2,444, rents were at a 30-month high and have increased 2.8% since the official start of the pandemic in March 2020.
March 2022 Condo Resale Market Update
- Resale market conditions remained tight for condominiums during March, although an improvement in supply led to a slight moderation for price appreciation.
- Resale transactions declined 17% annually in March to 3,154 units, which still represented the third highest March on record for sales.
- Meanwhile, new listings grew 3% from a year ago to 5,040 units — the highest March on record for new listings and the first time that new listings moved above 5,000 units since the summer of 2020.
- Nonetheless, active listings of 2,790 units at month end were down 0.7% from last year and still equalled less than one month of supply.
- Average resale prices increased 1.1% month-over-month in March to reach a record high $808,566. During the past seven months, resale prices broke past both the $700K and $800K levels.
- On a year-over-year basis, the 19.6% increase in average prices recorded for March represented a somewhat slower pace compared to annual growth of 24.5% in February.
- Annual resale price growth remained strongest in the 905 region at 25.2%, compared to 17.4% in the City of Toronto.
- The gap between 905 and 416 area resale condo prices was 9% in March 2022, down from a 17% gap last year and a 33% gap two years ago at the start of the pandemic.
MANAGER OF MARKET RESEARCH
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Ryan Coyle, Broker at Connect.ca
Keller Williams Referred Urban Connect Reality
624 King St. West, Toronto, Ontario, M5V 1M7, Canada
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