Toronto Real Estate Market Report | May 2023
In the fascinating world of the Greater Toronto Area (GTA) housing market, we've seen quite a ride from March to June 2023!
Let's step back to March 2023 first. The market was heating up with more buyers jumping into the fray. In fact, the number of homes being sold actually outpaced the number of new listings for the first time since May 2022. That's a sign of some serious competition!
Even so, the number of homes sold took a bit of a dip compared to the previous year, down by 36.5%.
The average selling price was $1,108,606, which was lower than the previous year, but it was moving upwards compared to the previous month1.
When we moved into April, we saw a similar trend, with a few more homes sold than in March, but still fewer than April of the previous year.
The average selling price stayed pretty consistent with March, and the overall trend was a decrease compared to the previous year.
A key point to note was the Bank of Canada's decision to hold off on further interest rate increases until recently, allowing some time to assess their impact on the economy2.
May brought some good news! The market started buzzing with 9,012 homes sold, a significant jump from the previous year.
However, new listings didn't quite keep pace, creating a bit of a housing crunch.
The average selling price touched almost $1.2 million, a slight decrease from the previous year but a step up from April. This increase in sales and prices suggested that people were actively looking to invest in the housing market3.
However, in June, the average selling price took a bit of a dip to $1,153,269, which was lower than the previous year2.
The GTA housing market's roller coaster ride was influenced by many factors, including the competition among buyers, the balance between sales and new listings, changes in borrowing costs, and the ever-important housing supply policies.
It's also worth noting that the supply of homes continues to be a challenge, as highlighted by TRREB President Paul Baron. He suggested that if supply doesn't keep up with population growth, it could put a speed bump on the region's economic growth31.
Remember, the real estate market can be as exciting as it is complex, with lots of factors at play.
If you have any more questions or need more details about any specific trend, feel free to ask. I'm here to help make sense of it all!