In March 2023, housing market conditions in the Greater Toronto Area (GTA) tightened.
As a result, there is an increase in competition between buyers in many GTA neighborhoods. Based on recent statistics, sales accounted for a greater share of listings than March 2022, indicating that the demand for housing is on the rise. For the first time since May 2022, the average sale price exceeded the average list price. Although sales declined 36.5% year-over-year, actual and seasonally adjusted sales increased month-over-month. As a result of the tighter market conditions, the number of new listings was also lower than last year. A lower inflation rate and increased uncertainty in the financial markets has resulted in lower medium-term bond yields, resulting in lower fixed-rate borrowing costs. In summary, the GTA housing market is experiencing tighter market conditions, increasing competition among buyers. While the MLS® Home Price Index composite benchmark is down year-over-year, the month-over-month average selling price is up.
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