Downtown Toronto returns as the GTA\u2019s most expensive rental market for March<\/a><\/strong>\r\n <\/div>\nSemi-detached homes in the 905 region experienced the most price growth in February, rising 37.5 per cent year-over-year to an average price of $1,282,386. Detached properties in the 416 area currently cost the most compared to other property types with an average price of $2,073,989, up 23 per cent from February 2021.<\/p>\n
\u201cWe have seen a slight balancing in the market so far this year, with sales dipping more than new listings. However, because inventory remains exceptionally low, it will take some time for the pace of price growth to slow,\u201d said Jason Mercer, TRREB\u2019s chief market analyst, in the release.<\/p>\n
\u201cLook for a more moderate pace of price growth in the second half of 2022 as higher borrowing costs result in some households putting their home purchase on hold temporarily as they resituate themselves in the market,\u201d he added.<\/p>\n
As local elections loom, housing policies are a key campaign component<\/h3>\n
With municipal and provincial elections slated for this year, TRREB CEO John DiMichele noted in February\u2019s market release that housing affordability will \u201cbe top of mind.\u201d<\/p>\n
Those looking to enter political office this year will have to focus on policies that will support the creation of Ontario\u2019s housing supply, noted DiMichele, which will account for the province\u2019s current deficit and expected future population growth.<\/p>\n
\u201cHistory has shown that tax based policies pointed at foreign buying and speculative activity, which seem to be the political preference, have had very little impact on the market simply because this type of activity accounts for a small share of overall market activity,\u201d he said.<\/p>\n
![\"Toronto](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2022\/03\/february-trreb.jpg\")
<\/a>Photo: Spiroview Inc.<\/a> \/ Adobe Stock<\/em><\/p>\n