Spring 2023 Outlook: Greater Toronto Area Real Estate Market
1.5 min read
Spring is a bustling time of the year for the Canadian real estate market, with sellers keen to capitalize on the warmer weather while buyers look to complete purchases and settle in before summer or autumn.
The latest report by the Toronto Regional Real Estate Board (TRREB) reveals that the average selling price of homes in the Greater Toronto Area (GTA) increased by 1.2% to $1.10 million in March compared to the previous month, despite a smaller number of newly listed properties, creating a tighter market. However, both sales and new listings in the Greater Toronto Area were lower than the previous year.
The data also suggests that potential homebuyers are regaining their confidence to enter the real estate market, despite rising borrowing costs. They are eager to take advantage of the opportunity to purchase properties at lower prices before they increase further.
According to Paul Baron, the President of the TRREB, demand for ownership housing will continue to recover this year, with first-time buyers leading the way. The average sale price has already exceeded the average list price for the first time since May 2022, indicating a more competitive market.
The Toronto housing market is rebounding, with a tighter market and increased competition among buyers driving home prices up. Real estate industry leaders should closely monitor these developments, as first-time buyers are expected to lead the market's recovery.
References
Deschamps, T. (2023, April 5). Toronto housing prices on the rise after long low period: TRREB. CTV Toronto News. Retrieved April 10, 2023, from https://toronto.ctvnews.ca/toronto-housing-prices-on-the-rise-after-long-low-period-trreb-1.6343432
WOWA.ca. (n.d.). Toronto housing market: Apr. 5th, 2023 update: Interactive map. Retrieved April 10, 2023, from https://wowa.ca/toronto-housing-market
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