The housing market in the Greater Toronto Area (GTA) is becoming more competitive for buyers. While sales were down slightly from last year, the number of new listings dropped by more than one-third. ​​​​​​​​​

This means that buyers are facing more competition for available homes, which has resulted in higher selling prices since the start of the year. According to the President of TRREB, the issue moving forward will not be the demand for homes, but the ability to meet this demand with enough supply, which requires sustained effort from all levels of government. In April 2023, GTA REALTORS® reported 7,531 sales, down 5.2% from the same month last year, but up from March 2023. New listings were down by 38.3% year-over-year.

While the Home Price Index (HPI) Composite Benchmark was down 12.1% year-over-year, the average selling price in the GTA was $1,153,269 in April 2023, which was down from last year but up compared to March. As the demand for homes continues to rise relative to supply, renewed competition between buyers is leading to higher home prices. This is shining a spotlight on the persistent lack of listings and its impact on affordability.

Are you wondering what this means for the value of your home?

Give us a call on 416-786-0035 or dm @boltonandclements and we'll provide you with expert advice on what this means to you specifically.

Yours in real estate,

Bolton and Clements Real Estate Group