The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.
In line with the general market trends, condominium apartment sales and the average selling price were lower in the first quarter of 2023 compared to the same period in 2022. However, strong population growth, tight rental market conditions and improved first-time buying intentions will result in renewed growth in condo sales moving forward.
Strong population growth coupled with high borrowing costs continued to exert pressure on the Greater Toronto Area (GTA) condominium apartment rental market in the first quarter of 2023. While the market did benefit from an increase in listings, competition between renters remained intense, with average rents growing by double-digit or high single-digit annual rates.
The Boards of Directors at the Brampton Real Estate Board (BREB) and the Toronto Regional Real Estate Board (TRREB) are pleased to announce BREB's recommendation to integrate with TRREB.
This integration would result in all 2,500 BREB Members becoming primary Members of TRREB - empowered with more tools to serve their clients, grow their business and foster REALTOR® communities.
This integration would create increased operational efficiencies in delivering the existing services BREB Members currently enjoy, while providing access to all the tools and services enjoyed by TRREB Members, with no change to the MLS® System used by BREB Members.
BREB would maintain a regional hub and local staff upon integration, to ensure local insight, services and experience continues. Stronger regional relationships and enhanced community presence helps support the membership and the clients they serve.
This local first approach fits within TRREB's overarching objective of strengthening services to TRREB Members, including more localized regional centres while improving access to resources, heightened opportunities for collaboration, and enhanced local government relations and advocacy efforts.
Today's announcement begins a formal consultation period with BREB Members and information sharing with TRREB Members. Throughout this process, Members will have the opportunity to learn the details and benefits of the plan. Once the BREB consultation process is complete, the proposal will be put to the BREB membership for a final vote on May 5, 2023 at a Special General Meeting.
Greater Toronto Area (GTA) housing market conditions tightened in March 2023. Sales accounted for an increased share of listings in comparison to March 2022, suggesting that competition between buyers is on the rise. The average sale price was above the average list price for the first time since May 2022.
Media are invited to attend the Toronto Regional Real Estate Board’s (TRREB) highly-anticipated 2023 Market Outlook and 2022 Year in Review event in York Region. This market event goes in depth on key issues that matter most to REALTOR® Members and their clients.
The Toronto Regional Real Estate Board (TRREB) is leading the way with the unveiling of SkySlope Forms and SkySlope Offers, providing Members with free access to one of the most trusted transaction management solutions in North America. SkySlope provides industry-leading electronic forms, signatures and offer management solutions used by hundreds of thousands of real estate professionals across the continent and will instantly deliver greater efficiency in Members’ everyday business.
February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.
The Toronto Regional Real Estate Board (TRREB) will release February 2023 market statistics on Friday, March 3 at 5:00 a.m. EST.
Media are invited to attend the Toronto Regional Real Estate Board’s (TRREB) highly-anticipated 2023 Market Outlook and Year in Review event in Peel Region. This market event goes in depth on key issues that matter most to REALTOR® Members and their clients.
The Boards of Directors of the Barrie & District Association of REALTORS® (BDAR) and Toronto Regional Real Estate Board (TRREB) are pleased to announce BDAR Members have voted to integrate with TRREB.
This integration will unite more than 1,500 BDAR Members within the existing TRREB membership, empowering Members and increasing their reach and advocacy strength. The amalgamated board will continue to be known as TRREB.
"We're thrilled with today's vote by our membership to integrate with TRREB," said Julia Price-Greig, BDAR CEO. "This move will allow us to give Members the best tools to do their job while maintaining a strong and important regional presence."
This integration provides Members unfettered access to an enhanced MLS® database, which means improved access to data, listings and clients. At the same time, BDAR's existing regional office and dedicated local employees will remain. All Members will benefit from access to leading, local support services, ongoing professional development opportunities, and high impact government advocacy and public policy offerings.
"Members will now be empowered with data, innovation and technology, strengthened advocacy, and leading educational opportunities," said Luc Woolsey, BDAR President. "I'm proud of the proposal we brought to our membership and the guaranteed regional representation it includes."
"This is good news for TRREB and for BDAR," said TRREB President Paul Baron. "We are excited to integrate the two boards and look forward to the results this collaboration will bring our combined membership."
Media are invited to attend the Toronto Regional Real Estate Board’s (TRREB) highly-anticipated 2023 Market Outlook and Year in Review event in Durham Region. This market event goes in depth on key issues that matter most to REALTOR® Members and their clients.
The second half of this year will see a gradual uptick in home sales and an increase in competition between buyers with a renewed upward pressure on home prices in the Greater Toronto Area (GTA).
Media are invited to attend the Toronto Regional Real Estate Board’s (TRREB) highly-anticipated 2023 Market Outlook and Year in Review event. This premiere market event of the year goes in depth on key issues that matter most to REALTOR® Members and their clients.