Home prices and sales have both increased month-over-month throughout The Greater Toronto Area (GTA’s) residential real estate market due to available inventory not meeting buyer demand.
According to the Toronto Regional Real Estate Board (TRREB), home prices for May 2023 have increased throughout GTA by 1.6%, month-over-month. Some areas on the outskirts like Halton, Peel, York, and Simcoe, even rose by 2%.
Sales increased month-over-month by 5.2% and 24.7% year-over-year, with 9,012 sales reported in May 2023.
Limited inventory continues to add to increase competition among buyers throughout Toronto’s housing market. Even though new listings increased by 10% month-over-month, new listings were down by 18.7% year-over-year, according to the report.
“The demand for ownership housing has picked up markedly in recent months. Many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market. In addition, strong rent growth and record population growth on the back of immigration has also supported increased home sales. The supply of listings hasn’t kept up with sales, so we have seen upward pressure on selling prices during the spring,” said TRREB Chief Market Analyst Jason Mercer.
As of the end of May, there were 1.3 months of inventory remaining compared to 2.76 months of inventory remaining in January.
This Market Report has been provided by
Richard Silver, Sotheby’s International Realty Canada
Toronto Regional Real Estate Board