Spring brought real estate prices correction to Ontario

There were almost 11,000 home sales in Greater Toronto Area (GTA), which is a decline of nearly 5,000 units compared to March 2021.

The average price in GTA dropped slightly compared to the previous month, bucking the regular seasonal trend.

“Now is the time for governments to focus on measures that will help to increase the housing supply,“ said TRREB President Kevin Crigger.

"The GTA population will be growing rapidly in the coming years as the economy and diversity of our region continue to attract people from around the world.

In order to sustain this growth, we need adequate housing supply and choice. This needs to be the focus of policymakers,” stated Kevin Crigger.

Even though market conditions remained very tough, home buyers did not experience the same level of competition from other buyers compared to the month before.

The average selling price for all home types in GTA went down by 9 per cent compared to the last month.

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