Toronto Real Estate Market Update: March 2023
Introduction:
The Toronto Real Estate Board (TRREB) has published its housing market data for March 2023, revealing the Greater Toronto Area (GTA) has experienced the lowest number of listings in years. This summary provides a snapshot of the key findings from the report, offering insights into the current state of the GTA real estate market.
Key Findings:
Average Selling Prices (March 2023):
Overall: $1,108,606
Detached: $1,468,651
Semi-detached: $1,087,924
Townhouse: $935,626
Condo: $703,566
Home Sales (March 2023):
Total units sold: 6,896 (a 36% decrease compared to March 2022)
Detached: 3,000
Semi-detached: 556
Townhouse: 1,167
Condo: 2,121
New Listings (March 2023):
Total new listings: 11,184 (a 44% decrease compared to March 2022)
Market Activity (March 2023 vs. March 2022):
62% of listings sold in March 2023 (compared to 54% in March 2022)
MLS® Home Price Index:
Year-over-year (YoY) decrease: 16.2%
Month-over-month (MoM) increase: Both actual and seasonally adjusted basis
Average Selling Price (YoY and MoM):
YoY decrease: 14.6% (to $1,108,606)
MoM increase: 0.8%
Sales and Average Price Comparison (March 2023 vs. February 2023):
Sales: 1.6% increase
Average Price: 0.8% increase
Analysis:
Despite the significant decrease in average selling prices compared to March 2022, the GTA real estate market has shown signs of improvement since January 2023. The average price index has been on an upward trajectory, and the market activity has increased, with a higher percentage of listings being sold in March 2023 compared to the same month in the previous year.
The lower number of new listings has led to a more competitive market for buyers, which could be contributing to the increasing average selling prices since January 2023. This trend may continue if the supply of new listings remains limited.
Conclusion:
While the Greater Toronto Area's real estate market has experienced notable year-over-year decreases in home sales, new listings, and average selling prices, recent data suggests an upswing in market activity since January 2023. It remains crucial for potential buyers and sellers to stay informed about the market's ongoing developments and trends to make informed decisions in the competitive GTA real estate landscape.
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