April Market Update
Friday May 05th, 2023
In April 2023, the Greater Toronto Area (GTA) housing market experienced further tightening. Although sales slightly decreased compared to April 2022, the number of new listings dropped by over one-third. This caused a surge in buyer competition and, consequently, a rise in selling prices since the beginning of the year.
GTA REALTORS® reported a total of 7,531 sales through TRREB's MLS® System in April 2023, representing a 5.2% drop from the same period in the previous year. However, sales increased both on an actual and seasonally adjusted basis when compared to March 2023. Meanwhile, new listings were down by 38.3% year-over-year in April 2023.
The average selling price for GTA homes in April 2023 was $1,153,269, marking a 7.8% decline from April 2022. Despite this, the average selling price rose compared to the previous month, both on an actual and seasonally adjusted basis. Additionally, the MLS® Home Price Index (HPI) Composite Benchmark decreased by 12.1% year-over-year in April 2023.
🔍 Quick Market Stats Summary:
📎 Total Sales: 7,531 ⬇5.2%
📎 Avg. Selling Price: $1,153,269 ⬇7.8%
📎 Avg. Days on Market: 17 days ⬆54.5%
📎 New Listings: 11,364 ⬇38.3%
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