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May 2023 Monthly Market Update for GTA

Khoa Le
Jun 6 2 minutes read

The Greater Toronto Area's housing market is experiencing an increase in sales compared to last year, but sadly the supply of homes for purchase is not keeping up with the demand. This competition between buyers has caused the average selling price to approach an eye-watering $1.2 million. 

TRREB Chief Market Analyst Jason Mercer states that the demand for ownership housing has markedly increased in recent months, with many buyers returning to the market. The MLS® Home Price Index (HPI) composite benchmark was down by 6.9% year-over-year in May 2023, but up by 3.2% on a seasonally adjusted monthly basis compared to April 2023. Even though the average selling price represented a small 1.2% decline compared to May 2022, it was up by 3.5% compared to April 2023.

Our monthly market update showcases everything you need to know about local real estate trends over the last month. 

May 2023 Market Update for Greater Toronto Area

15,194

New Listings

11,868

Active Listings

9,012  

Sales


Homes Sold

105%

Sale-to-List Price


 

$1,196,101 

Average Sales Price

1.3

Months of Supply

20

Average Days on Market

Curious about how your home's value has changed?

We will gladly prepare a Comparative Market Analysis for you so that you are armed with the most current information.

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