April marked the end of the winter cold, and this rise in air temperature was accompanied by an absolutely crazy cooling of the housing market in the Greater Toronto Area (GTA).
The arrival of spring saw the market slow down due to the dizzying speed, as the number of homes sold in the region plummeted in April 2022, at least compared to the established rate. ‘previous April.
The Construction and Land Development Industry Association (BILD) announced the latest market figures on Wednesday morning, revealing that the 3,645 units sold in the region last month were down 29% from the previous month. April 2021.
While the drop is substantial, it’s worth noting that it was still six percent above the ten-year average of home sales in April, while the previous year came with peak sales. housing after the blockade.
The fall in sales hit the single-family home market hard, with 571 single-family, semi-detached and semi-detached homes sold in April, a 47% drop from last year and a worrying drop to 54% below of the average of ten years. .
But most of the sales activity is in the condominium market, where 3,074 units sold in April are down 24% year-on-year, although sales were still 40% higher than the average of ten. years.
Despite the fall, the month of 2022 was still the fourth strongest in condo sales in April for the more than 20 years that Altus Group has been tracking this data.
“Sales of new condominium apartments have fallen from last year, but would have been seen as robust in the pre-COVID world,” said Edward Jegg, Altus Group’s Director of Analytics Research. .
Refreshment, of course, but that doesn’t mean housing is more accessible in the region. In fact, the opposite is happening.
If you were expecting a price correction, keep dreaming, as the benchmark price for new single-family homes rose more than 28 percent last year to $ 1,787,186, while condominiums rose 12 percent. one hundred to $ 1,189,134.
There could be more problems for house prices on the horizon, according to Dave Wilkes, president and CEO of BILD, who says it is “expected that” the unpredictability of construction costs, disruptions in the supply chain. supply and the strikes that our industry is experiencing will affect the supply of housing “. to the GTA in the coming months.”