Courtesy of Amir Baxaria
Toronto April Market Report
$1,787,752 detached DOWN 8.2% year-to-year
$751,916 condo/apartment DOWN 8.4% year-to-year
$949,605 condo/townhouse DOWN 0.2% year-to-year
AVERAGE SALE PRICES
4,389 NEW LISTINGS 2,735 SOLD LISTINGS
47.1% SALES TO NEW LISTING RATIO
18 DAYS ON MARKET
2.5 MONTHS OF INVENTORY
ACTIVE LISTINGS (residential inventory) 4,452
GTA REALTORS ® Release, May 3, 2023 – The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year. “In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual improvement in sales and average selling price. 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. This is a policy issue that requires sustained effort from all levels of government,” said TRREB President Paul Baron.
GTA REALTORS ® reported 7,531 sales through TRREB’s MLS ® System in April 2023 – down by 5.2 per cent year-over-year. New listings were down by 38.3 per cent year-over-year. The MLS ® Home Price Index (HPI) Composite Benchmark was down by 12.1 per cent on a year-over-year basis, but the month-over-month benchmark price was up on an actual and seasonally adjusted basis. The average selling price in the GTA was $1,153,269 in April 2023 – down actual and seasonally adjusted sales increased. The average selling price also increased compared to March, both on an actual and seasonally adjusted basis. Statistics reflect market activity in April 2023 | Source: TRREB ® Toronto Regional Real Estate Board | Market values stated are average prices. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.
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