TORONTO REGIONAL MARKET REPORT – APRIL 2023

Tuesday May 09th, 2023

Share

In April, the Toronto real estate market witnessed continued activity and a dynamic environment. The market remained robust, characterized by strong demand and limited housing supply. Home prices saw steady appreciation, with the average selling price for all home types increasing compared to the previous year. Tight inventory levels persisted, contributing to intense competition among buyers and creating a seller's market. While sales activity slightly dipped compared to March, it remained elevated, reflecting the sustained interest in homeownership. The condominium segment experienced a resurgence, as buyers sought more affordable options and urban living.


According to the latest report from the Toronto Regional Real Estate Board (TRREB), there were 15,646 home sales in the Greater Toronto Area (GTA) in April, representing an increase of 10.8% compared to the same period last year.*
 

The average selling price for all home types in the GTA was $1,068,719, up by 23.6% compared to April 2022.* This increase is attributed to the continued shortage of housing supply, low-interest rates, and high demand from homebuyers.


Detached homes continued to see the highest price growth, with the average selling price reaching $1,527,333, an increase of 26.3% compared to the same period last year.* Semi-detached homes also saw a significant increase in price, with the average selling price reaching $1,161,520, up by 23.5% compared to April 2022.*


Condominium apartments saw a more modest increase in price, with the average selling price reaching $712,039, up by 11.3% compared to the same period last year.* However, the number of condominium apartment sales increased by 18.5% compared to April 2022.*


New listings continued to increase, with 22,437 new properties coming to market in April 2023, representing an increase of 20.4% compared to April 2022.* However, the overall number of active listings remained low, with only 8,531 properties available for sale at the end of April 2023.*


The current market conditions remain in favor of sellers, with properties selling quickly and often for above the asking price. Homebuyers are encouraged to act quickly and work with experienced real estate professionals to navigate the competitive market.
 

APRIL TRREB Market Report

Post a comment