April 2023 Market Update
The GTA housing market continued to tighten in April 2023. On a year-over-year basis, sales were down and new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting higher selling prices compared to the beginning of this year. Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply.
The average selling price in the GTA was $1,153,269 in April 2023 – down 7.8 per cent compared to $1,250,704 in April 2022. However, the average selling price in April 2023 has increased compared to March 2023.
For a short period of time, higher borrowing costs outweighed the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability.
To see how prices have been affected in your area, please click the link below to get access to TRREB's April Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos.
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