The Greater Toronto Area (GTA) housing market saw increased sales in May 2023, but the supply of homes for sale couldn't keep up with the demand.
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Sales as a share of new listings rose significantly compared to the previous year, leading to an average selling price of almost $1.2 million. The lack of housing supply has been a longstanding issue, and failure to address it may impact the region's economic development.

GTA REALTORS® reported a 24.7% increase in sales compared to May 2022, while new listings decreased by 18.7%. The demand for ownership housing has risen due to higher borrowing costs and population growth.

The MLS® Home Price Index was down 6.9% year-over-year but up 3.2% on a monthly basis. The average selling price declined 1.2% compared to May 2022 but increased by 3.5% compared to April 2023.

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 & Clements Real Estate Group