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.
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.
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.
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