New CREA (Canadian Real Estate Association) Pilot Program Will Let Homebuyers See All Offers in Real Time In a first for Canada, a new pilot program from the Canadian Real Estate Association, will allow home buyers to tract in real time all registered offers placed on a property as they ’ re submitted. The re al-time tracking will be shown on a property ’s REALTOR .ca listing , using Australian property technology company Openn Negotiation. Details on when and where the pilot will launch are not yet clear, with CREA saying that it will kick off some time this summer in select markets across the country.
The housing market remains tight in the Greater Toronto Area, but signs are pointing to some rebalancing compared to 2021’s record levels. In its monthly market report for March 2022, the Toronto Regional Real Estate Board (TRREB) stated that last month was the third-best March and second-best first quarter on record. Almost 11,000 sales were recorded over the region’s MLS while about 20,000 new listings became available, but average price growth slowed slightly on a monthly basis.
Greater Toronto Area (GTA) new condominium apartment sales totaled 30,844 units in 2021, increasing by 69% over 2020 (18,282 units) and narrowly missing the all-time high reached in 2017 (31,216 units). The market capped off the year with exceptional strength as fourth quarter sales of 8,361 units represented 77% year-over-year growth and the highest Q4 on record.