Toronto 
The Greater Toronto Area’s housing market tightened in March 2023, with increased competition between buyers, according to the Toronto Regional Real Estate Board (TRREB).
The average sale price exceeded the average list price for the first time since May 2022, indicating tighter market conditions than last year. Despite sales being down 36.5% year-over-year, actual and seasonally adjusted sales rose month-over-month.
Credit: Toronto Regional Real Estate Board (TRREB).
TRREB expects demand for ownership housing to continue to recover this year, with first-time buyers leading the recovery as high average rents move closer to the cost of ownership. However, there is a need for more rental supply as there is a shortage of homes for sale, says TRREB CEO John DiMichele.
Credit: Toronto Regional Real Estate Board (TRREB).
The MLS Home Price Index composite benchmark was down by 16.2% year-over-year, but up month-over-month on both an actual and seasonally adjusted basis.
Similarly, the average selling price was down by 14.6% year-over-year to $1,108,606, but up month-over-month on an actual and seasonally adjusted basis.
The average price of detached houses in the 416 area and 905 areas were $1,708,373 and $1,400,246, respectively. This represents a reduction of 10.8% and 14.3% compared to March 2022.
Credit: Toronto Regional Real Estate Board (TRREB).
TRREB says the low number of homes for sale and increased population growth due to immigration means that it is important to have a substantial rental supply available, which is not currently the case.
