06/05/2023
Hello....
I hope you have been enjoying the heat as Spring has really begun to heat up as we get ready for summer.
The Greater Toronto Area housing market continues to improve as the volume of sales in May were up almost 25% compared to May of 2022. Competition between buyers has increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month, nearing the average price of May 2022.
The big driver of our market continues to be the lack of supply of homes available for sale, active listings are down by 23% over last May. The months of inventory figure, which measures the pace at which homes are selling, is currently at 1.3 months, if no more homes, of all types, did not come to market we would be sold out of our product in just over a month. The demand for home ownership has picked up with many homebuyers recalibrating their housing needs due to higher borrowing costs and are moving back into the market.
TRREB's Chief Market Analyst, Jason Mercer, has stated that strong rent and record population growth due to immigration has also supported increased home sales. However, the supply of listings hasn't kept up with sales, so we are now seeing upward pressure on selling prices this spring.
With limited supply many consumers and investors have turned their interest to new construction. There has been a flurry of launches of new condominium sites across the GTA. With many different options available and projects not selling out as fast as they used to, there is choice in the new construction market, with different options available for you.
I am always here to help navigate our ever changing real estate market, please never hesitate to reach out to me with your questions.
