Greater Toronto Areas Housing Market Stat - April 2023
The housing market in the Greater Toronto Area (GTA) continued to contract in April 2023. Although sales declined marginally year-over-year compared to April 2022, new listings decreased by over a third. The reduced number of properties for sale relative to the demand generated more competition among buyers, which supported an upturn in selling prices since the beginning of this year.
Let's take a closer look at what's happening in the exciting city of Toronto! Unfortunately, the total number of properties sold in the current year has taken a bit of a tumble, down 9.6% to just over 2700. As for the average price of all properties in Toronto, it's down by 9.9% from last year, but hey, at least it's still holding on strong!
Let's dive deeper and check out the Average Price by home type. Brace yourself, folks - all property types have taken a bit of a hit in the average price department, with semi-detached homes experiencing the biggest decrease at 11.3%, followed closely by condos at 8.4%. Yikes!
But wait, there's more! The average number of days a property stays on the market has gone up from 15 days to 25 days year over year. What does this mean for all you savvy buyers out there? It means you've got more time to get your ducks in a row with financing and inspections before making that dream home yours, instead of rushing in and waving all your conditions goodbye like it's a hot potato! So, let's get to work and make those real estate dreams come true in Toronto!
A similar trend can be seen in the city of Vaughan except the number of sales actually went up by 4.2% in comparison to April last year and we've seen a 2.8% increase in the average price of semi-detached homes this year.
For other TRREB areas, visit the Official TRREB article here: