market report
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TRREB: Higher Borrowing Costs Continue to Impact Housing Market in August
Higher borrowing costs, continued uncertainty about the economy and Bank of Canada decision making, and the constrained supply of listings resulted in fewer home sales in August 2023 compared to August 2022. The average selling price remained virtually unchanged over the same period. On a seasonally adjusted monthly basis, sales and average price edged lower.
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TRREB: GTA Real Estate Market More Balanced in July
Greater Toronto Area (GTA) home sales, new listings and home prices were up in July 2023 in comparison to July 2022. On a seasonally adjusted basis, the market experienced more balance in July compared to June, with sales trending lower while new listings were up.
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TRREB: Condo Sales in the GTA Climb While New Listings and Prices Drop
Market conditions in the condominium apartment segment tightened markedly in the second quarter of 2023. Sales were up strongly on a year-over-year basis, whereas the number of new listings was down sharply. With more competition between buyers, average condominium apartment selling prices should climb above last year’s levels in the second half of this year.
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TRREB: Competition Continues between Renters as Rental Listings and Rents Rise
Average condominium apartment rents continued to well outpace the rate of inflation in the second quarter of 2023. Despite seeing an increase in the number of units listed for rent, competition between renters remained very strong. This competition underpinned higher average rents.
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Lack of Listings Led to Tighter GTA Market Conditions in June
Home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year’s levels. Seasonally adjusted sales dipped on a month-over-month basis. The seasonally adjusted average selling price and the MLS® Home Price Index (HPI) Composite benchmark were up compared to the previous month.
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TRREB: Strengthening Demand and Lack of Housing Supply Pushes up Prices in the GTA
The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that…
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TRREB: GTA Sales and Price Continue to Improve While Listings Remain Constrained
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…
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TRREB: Q1 2023 Condo Sales Lower, but Set for a Resurgence
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.
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TRREB: Strong Condo Rent Growth Continued in Q1 2023
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.
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TRREB: Tight Market Conditions Push up Competition in the GTA
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.
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GTA Home Sales and Listings Drop in February
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.
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TRREB to Release February 2023 Market Statistics and Related Commentary on Friday, March 3
The Toronto Regional Real Estate Board (TRREB) will release February 2023 market statistics on Friday, March 3 at 5:00 a.m. EST.