March Market Update
Thursday Apr 06th, 2023
The Toronto Regional Real Estate Board (TRREB) has reported that the housing market conditions in the Greater Toronto Area (GTA) have become tighter in March 2023. This suggests that the market is becoming more competitive due to an increased demand for homes, which has caused prices to rise.
One way this is being reflected is in the percentage of sales relative to listings. This measure suggests that there is more competition among buyers, as a larger proportion of homes listed for sale are being purchased. This can make it more challenging for prospective buyers to find and secure a home, as they may face stiff competition from other interested parties.
Additionally, the average sale price in March 2023 was higher than the average list price for the first time since May 2022. This is a significant trend in the market, as it indicates that home sellers are receiving offers that exceed their initial asking price. This could be a sign of a seller's market, in which demand outstrips supply, leading to bidding wars and higher sale prices.
Overall, TRREB's report suggests that the housing market in the GTA is currently experiencing tight conditions, which are driving up competition among buyers and leading to higher sale prices. This can make it more challenging for prospective buyers to find affordable homes, but it can also be beneficial for sellers who are able to sell their homes quickly and for a higher price.