Toronto Real Estate Market Update | March 2023

• In March 2023, the Greater Toronto Area’s (GTA) housing market tightened as sales accounted for an increased share of listings in comparison to March 2022.
• Average sale prices were higher than list prices for the first time since May 2022, signaling heightened competition between buyers.
• According to TRREB President Paul Baron, consumer polling suggests that demand for ownership housing will continue to recover this year.
• TRREB Members reported 6,896 sales in March 2023 – down 36.5 per cent compared to March 2022.
• Lower inflation and financial market uncertainty caused medium-term bond yields to trend lower, resulting in lower fixed rate borrowing costs and increased housing affordability.
• The MLS® Home Price Index composite benchmark was down 16.2 per cent on a year-over-year basis but up month-over-month for both actual and seasonally adjusted figures.
• TRREB CEO John DiMichele stressed the need for more purpose-built rental units over the coming years to meet population growth demand fueled by immigration.

Ishtiaq Ahmed
Broker of Record
Zown Realty Inc. Brokerage
http://www.zown.ca