Courtesy of The Cronin Real Estate Group
Toronto March Market Report
$1,708,373 detached DOWN 11.0% year-to-year
$732,944 condo/apartment DOWN 11.8% year-to-year
$841,872 condo/townhouse DOWN 12.3% year-to-year
AVERAGE SALE PRICES
4,318 NEW LISTINGS 2,521 SOLD LISTINGS
46.0% SALES TO NEW LISTING RATIO
20 DAYS ON MARKET
2.5 MONTHS OF INVENTORY
ACTIVE LISTINGS (residential inventory) 4,292
GTA REALTORS ® Release, April 5, 2023 – Greater Toronto Area (GTA) housing market conditions tightened in March 2023. Sales accounted for an increased share of listings in comparison to March 2022, suggesting that competition between buyers is on the rise. The average sale price was above the average list price for the first time since May 2022. “As we moved through the first quarter, Toronto Regional Real Estate Board (TRREB) Members were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics bear this out,” said TRREB President Paul Baron. “Recent consumer polling also suggests that demand for ownership housing will continue to recover this year. Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.”
GTA REALTORS ® reported 6,896 sales through TRREB’s MLS ® System in March 2023 – down 36.5 percent compared to March 2022. On a month-over-month basis, actual and seasonally adjusted sales were up. New listings were also down on a year-over-year basis, but by a much greater annual rate. The MLS ® Home Price Index composite benchmark was down by 16.2 percent on a year-over-year basis, but up month over-month on both an actual and seasonally adjusted basis. Similarly, the average selling price was down by 14.6 percent year-over-year to $1,108,606. The average selling price was up month-over-month on an actual and seasonally adjusted basis.
Statistics reflect market activity in March 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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