Stay updated on the GTA housing market with TRREB’s September report, covering challenges, future prospects, available listings, and vital insights for first-time buyers.
The July 2023 housing market report reveals a remarkable surge in home sales and new listings, bringing a much-needed balance to the Greater Toronto Area’s real estate landscape.
Discover the Canadian housing surge and inflation shift’s impact. Gain insights into housing starts and inflation’s implications for the real estate market in June 2023. Stay informed on the dynamic landscape of Canadian housing.
In June 2023, home sales and average selling prices in the Greater Toronto Area (GTA) remained strong, surpassing last year’s levels. However, seasonally adjusted sales saw a slight decline compared to the previous month. Despite higher borrowing costs, the demand for homeownership remained robust. Limited inventory affected sales, and the average selling price increased by 3.2%. The GTA’s real estate market faces challenges in housing supply and affordability, necessitating immediate action from government leaders to rectify the crisis.
The Greater Toronto Area (GTA) housing market experienced robust sales growth in May 2023, driven by high demand. However, the limited supply of homes for sale led to increased competition and soaring prices, highlighting the need for addressing the ongoing supply shortage. Let’s dive deeper into TRREB’s May 2023 Market Update in this post.
Toronto, the dynamic and rapidly growing city, continues to attract newcomers seeking opportunities and a vibrant urban lifestyle. With an estimated 700,000 new residents expected by 2051, it is crucial to address the housing needs of both current and future Torontonians. To cater to the diverse household sizes and compositions across the city, Toronto must offer a range of housing options. Unfortunately, while the housing market has seen substantial growth in mid- and high-rise apartment buildings concentrated in densely populated areas, the supply of low-rise housing, particularly multiplexes, has lagged behind demand. However, a recent development suggests positive changes on the horizon.
April 2023 housing starts in Canada: 240,403 units, slight decline in overall trend, growth in Vancouver (36%), Toronto (54%), Montréal (43%), multi-unit starts offsetting declines in single-detached starts. Total SAAR at 261,559 units, urban starts up 26%, multi-unit starts up 33%, rural starts estimated at 19,974 units.
Q1 2023 GTA saw a 4% increase in condo rentals, but tight market conditions resulted in a significant YoY rent increase – 15.1% for one-bedroom and 9.2% for two-bedroom units.
The Greater Toronto Area’s housing market continued to tighten in April 2023, with fewer listings leading to more competition between buyers and supporting an improvement in selling prices.
TRREB reports tighter market conditions and increased competition among buyers in the Greater Toronto Area (GTA), leading to higher average sale prices in March 2023.
Canada has amended its ban on foreign home buyers, allowing certain exemptions. The changes aim to boost housing supply, but raise concerns.
Toronto’s February 2023 sales report shows a 47% decline in sales but stable prices. Increased buying intentions and a new housing initiative may support future growth.
Canada needs to build more homes to keep up with immigration, incentivize municipalities to build within cities, and invest in affordable and social housing to avoid pricing Canadians out.