I can't believe the first quarter of 2023 has already come to an end! The residential real estate market has seen its ups and downs as of late, however, we are now starting to see some consistent growth in the market.
As we moved through the first quarter Real Estate Agents were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics support this with the average sale price above the average list price for the first time since May 2022. It has been suggested that demand for home ownership will continue to recover this year as high average rents move more closely in line with the cost of ownership.
There were 6896 sales reported in March 2023, down 36.5 percent compared to March 2022. On a month-over-month basis, actual and seasonally adjusted sales were up. New listings were also down on a year-over-year basis but by a much greater annual rate. This points to tighter market conditions compared to last year, at the end of March TRREB currently reported only a month and a half of inventory of available homes of all types.
The average selling price was down by 14.6 percent year-over-year to $1,108,606. The average selling price was up month-over-month on an actual and seasonally adjusted basis.
TRREB's Chief Market Analyst, Jason Mercer, reported that with greater uncertainty in financial markets, medium-term bond yields have begun to trend lower. This has and will continue to result in lower fixed-rate borrowing costs this year. Along with record-setting immigration, first-time buying intentions will continue to remain strong.
If you would like more information on the sales data in your neighbourhood or have any general real estate questions, please do not hesitate to reach out. We are always here for ALL of your real estate needs.