The housing market in the Greater Toronto Area (GTA) tightened in March 2023, with sales increasing compared to March 2022, indicating higher competition between buyers. The average sale price was above the average list price for the first time since May 2022. The Toronto Regional Real Estate Board (TRREB) predicts that demand for ownership housing will continue to recover this year, led by first-time buyers. While the number of homes for sale is expected to remain low, lower fixed rate borrowing costs may help from an affordability perspective. Population growth and immigration will continue to drive demand for housing, and TRREB urges a policy focus on bringing more purpose-built rental units on line over the next few years.
The housing market in the Greater Toronto Area (GTA) tightened in March 2023, with sales increasing compared to March 2022, indicating higher competition between buyers. The average sale price was above the average list price for the first time since May 2022. The Toronto Regional Real Estate Board (TRREB) predicts that demand for ownership housing will continue to recover this year, led by first-time buyers. While the number of homes for sale is expected to remain low, lower fixed rate borrowing costs may help from an affordability perspective. Population growth and immigration will continue to drive demand for housing, and TRREB urges a policy focus on bringing more purpose-built rental units on line over the next few years.