Toronto Real Estate Market Shows Signs of Rebound: Sale Prices Exceed Listing Prices for the First Time in a Year
The Toronto Regional Real Estate Board’s latest Market Watch report reveals that the Greater Toronto Area’s real estate market is rebounding after a slump in previous months. The report shows that the market is tightening, with an increase in sales and a boost in sale prices.
In March, the average sale price of homes in the GTA exceeded the average listing price for the first time since May 2022. Although the average price of $1,108,606 was 14.6% lower than in March 2022, the monthly rise suggests a potential rebound in the market.
Realtors using TRREB’s Multiple Listings Service (MLS) reported 6,896 sales in March, a decline of 36.5% compared to March 2022. However, compared to the previous month, which saw a steeper decline of 47%, these figures indicate that the market is entering a more active period.
The rise in sales and value has increased competition among prospective buyers. According to TREB President Paul Baron, “competition between buyers was heating up in many GTA neighbourhoods.” He also noted that “demand for ownership housing will continue to recover this year, with first-time buyers leading the way.”
Although the number of new listings in March increased significantly from the previous month, it remains lower than the rates reported last year. With 11,184 new listings, the market is still lagging behind by about 44%.
TREB CEO John DiMichele stated that “first-time buying intentions will remain strong” due to population growth and immigration, but emphasised the need for more purpose-built rental units in the market.
In conclusion, the Toronto real estate market is showing signs of recovery, with increased sales and prices. As the market continues to tighten, it is important for buyers to act quickly, and for policymakers to focus on increasing rental supply to meet demand. As a real estate expert, we at RE/MAX Team Paliwal recommend that investors stay informed and closely monitor market developments to make informed decisions.
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