was down slightly from February<\/a>, when it grew 35.9 per cent from 2021.<\/p>\nThe average selling price of a home climbed 18.5 per cent yearly in March, rising from $1,097,351 in March 2021 to $1,299,894. Month-to-month, the average selling price in the GTA dropped about 2.6 per cent from February when the average price was $1,334,544.<\/p>\n\n
The average home price in the 905 region is higher compared to the 416 area, at $1,346,331 versus $1,218,546.<\/p>\n
By property type, semi-detached homes in the 905 area reported the highest price growth during March, rising 28.9 per cent annually to $1,201,097. Detached homes in the 416 region are the most expensive to purchase in the GTA, with the average selling price now up 9.5 per cent year-over-year to $1,920,018.<\/p>\n
The annual growth rates for the MLS HPI and average selling price differed last month as the mix of homes sold in March 2022 shifted towards condo apartments, which tend to sell for a lower price point, according to TRREB.<\/p>\n
Housing policies needed to sustain economic and population growth<\/h3>\n
Ontario is a little less than two months away from an election. Housing policies that are promised in conjunction with the upcoming municipal and provincial elections this year will have a role to play in shaping both the region\u2019s housing market and economic competitiveness according to TRREB\u2019s CEO, John DiMichele.<\/p>\n
\u201cOf 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,\u201d he said. \u201cPopulation growth is expected to be at or near record levels in the coming years. Demand for ownership and rental housing is not going away.\u201d<\/p>\n
TRREB\u2019s president, Kevin Crigger, noted in March\u2019s market report that now is the time to focus on creating more housing supply as the GTA\u2019s population is expected to grow rapidly in the coming years.<\/p>\n
\u201cIn 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,\u201d said Crigger.<\/p>\n
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<\/a>Photo:\u00a0Spiroview Inc.<\/a> \/ Adobe Stock<\/em><\/p>\n