With April underway, we can now look back on March 2022 Real Estate market stats for York Region and Simcoe County. I provide you with a simple breakdown of the most up-to-date, reliable sources of information directly from the Toronto Regional Real Estate Board.
There were 10,955 sales reported through the Toronto Regional Real Estate Board MLS System in March 2022, which represents a 30% decline from March 2021's record results of 15,628.
While that might seem like a substantial reduction in sales, March 2022 still reigned as the third-best March and second-best first quarter on record. Conditions continue to support a seller's market. However, we did experience more balance in the first quarter of 2022 compared to that of last year.
As I specialize in York Region and Simcoe County, these will be the multiplicities that I will break down for you.
The average selling price had slightly decreased in March compared to February in both York and Simcoe. Compared to last month, the average sales price in York Region is DOWN 4.52% and the average days on the market remained the same at 9 days. Overall, this month there were 1921 sales, which is up 15.65 % from February of 2022.
Above: March 2022 vs. Feb 2022
Year over year, there was a steady increase of 19.79% in the average home sales price.
The number of units sold decreased by 34% and the number of days on the market seems relatively comparable with a 10% difference.
March 2022 vs 2021: Year over year difference per housing type.
Breaking that down further, we can see the total increase year over year based on housing type.
YORK REGION: CITY OVERVIEW
One of my newest and favourite reports used this month is the city overview.
It gives you a further breakdown of the average sales price per housing type and where it stands year over year and month over month.
Aurora homes seem relatively similar when compared monthly. However, the average cost of a semi-detach-- dropped below 10% compared to other cities and home types.
Aurora: Year over year / month over month housing type breakdown.
Newmarket homes had a slight decrease in average sale price compared to that of February 2022.
Have any questions about the York region? Send me a message and I'd be happy to answer you!
Let’s now talk about Simcoe. Last month, the average sales price in Simcoe was down 3.95% and the average day on the market was up from 8 to 9 days. Overall, this month there were 347 sales, which was up by 35.55 % compared to February 2022.
Year over year, Simcoe still has a significant increase of 28.03% in average sales price. The number of units sold decreased by 41% while the average days on the market increased from 11 days to 9 days.
Above: March 2022 vs. Feb 2022
Have any questions about the Simcoe County? Send me a message and I'd be happy to answer you!
In March, two big events happened:
- The bank of Canada increased their benchmark interest rate to 0.5 % for the first time since 2018. This will affect your mortgage, line of credit and savings. The Bank of Canada plans to raise the rate a few more times this year.
- The Government of Ontario hiked it’s Non-Resident Speculation tax from 15% to 20%.
They introduced this tax in 2017 and although it cooled the market down back then, foreign buyers quickly realized that it was still a very good idea to invest in Canada. There are also many ways one could apply for a rebate and get money back in your pocket.
That wraps up the March update for 2022. It looks to be another strong sellers’ market as there is still not enough supply to satisfy current buyer demand.
Now it is really important to hire the best negotiator you can to get you the most amount of money.
And if you are thinking of selling or just don’t know where to start, reach out and I will gladly assist you.
I’m Gemma Leggett with Re/max Hallmark wishing you peace, love and happiness.