MARKET REPORT FOR MARCH 2023

Apr 11

Springtime Brings Positive Outlook for Greater Toronto Area Housing Market as Prices Trend Upward

Springtime has arrived for the housing market in the Greater Toronto Area (GTA), where sales prices are trending upward once again. The aggregate average sales price for March settled at $1,108,606, with detached homes increasing to $1,468,651 or a 9.6% rise compared to January. Similarly, townhouses rose to $1,036,571, an increase of 6%. The interest rate environment has stabilized, and previously sidelined buyers have released their pent-up demand on the market, creating a shortage of inventory.

As the first quarter of the year ends, the number of sales have been steadily increasing, and all asset classes are firmly back in a sellers’ market. Townhouses had the highest absorption rate, with 640 sales and only 539 active properties remaining at the end of the month. The detached market also had an impressive 68% sales-to-listing ratio. While the condo market lags behind other asset classes, the sales-to-listing ratio remains at an impressive 54%, the highest since April 2022. Overall, the GTA is currently experiencing an absorption rate of 68%,double the rate of January.