WHAT'S HAPPENING IN THE MARKET?
According to TRREB, the Greater Toronto Area (GTA) housing market continues to improve from a sales perspective in May 2023. Sales as a share of new listings were up dramatically compared to a year ago.
The average selling price for this month decreased by 1.4% compared to May of last year.
This is a 3.7% increase compared to April, with a 15% increase compared to January as well.
The average sale prices show us similarities of market improvement in recent years, with an adjustment in the summer market starting in June and July of 2018. We are preparing for another adjustment announcement due in this year's summer market, regarding a potential increase.
However, the number of residential transactions for this year had a significant jump of 23.8% compared to May of 2022. This is the highest since March of 2022.
The percentage of transactions has also increased by 20% compared to the month of April when looking at the movement in Home Type.
Active listings are lower by 23.1% for this year.
With that being said, we can see change across all home types, where the highest efficiency is seen in semi-detached homes by almost 50%.
If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.
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