Toronto House Price Update: March 2023
Toronto house prices rose for the second consecutive month in March 2023. According to the latest report from TREB, the average selling price of a home in the Greater Toronto Area (GTA) rose to $1.2 million in March, up 10% from the previous year.
Toronto House Price
The Toronto Regional Real Estate Board (TRREB) has published its monthly Market Watch report, which provides a detailed analysis of Toronto house prices. According to the report, the total number of homes sold in March 2023 was 9,989, representing an increase of 4.6% compared to the same period last year.
Average Selling Price
The average selling price of all home types in the GTA was $1.2 million in March, representing a 10% increase from the previous year. The report also noted that the average selling price of detached homes in the GTA was $1.7 million, up by 13.2% from the previous year. Similarly, the average selling price of semi-detached homes was $1.1 million, up by 10.7% from the previous year.
New Listings
The report noted that there were 17,051 new listings in March, representing a 10.4% increase from the same period last year. However, the report also noted that the number of active listings at the end of March was 6,408, representing a decrease of 16.8% from the same period last year. This suggests that the market is tightening, and there are fewer homes available for purchase.
Days on Market
The report also analyzed the number of days it took for homes to sell in March. According to the report, the average number of days on the market for all home types was 15 days, which is a decrease from 19 days in the previous year.
Market Conditions
The TRREB report also provides an overview of the current market Toronto house prices. According to the report, the market is currently favoring sellers, with a sales-to-new-listings ratio of 58.6% in March. A ratio between 40% and 60% is generally considered balanced, while anything above 60% is considered a seller’s market.
Market Outlook
As the Toronto housing market works into the spring season, we should expect prices to have further upward pressure. Low inventories, plateauing interest rates, and increases in population will all put upward pressure on house prices.
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