The Toronto Regional Real Estate Board (TRREB) has published its sales data for April 2023. With 7531 home sales reported through the local MLS, transactions were down 5.2% year-over-year.
Housing market conditions continue to tighten across the GTA. The 11,364 new listings for April are a 38.3% decline from the previous year. The 10,373 active listings represent a 1.38-month supply heading into May.
The average selling price was $1,153,269, 7.8% lower than from the previous year, but up 4% from March. The MLS Home Price Index (HPI) Composite Benchmark was down 12.1% year-over-year (-10.3% in Toronto), but up from a month earlier. The share of sales for homes priced below $1,000,000 increased to 50.1% in April 2023, compared to 43.9% in 2022.
Looking at price by housing type: Detached homes sold for an average of $1,489,258, a year-over-year decrease of 8.3% and a month-over-month increase of 1.4%. The average price for semi-detached homes was $1,135,599 (-9.8% /+4.4%), townhomes sold on average for $986,121 (-3.2%/ +5.4), and the average price of condos was $724,118 (-8%/ +2.9%).
The average sale took place in 17 days on market, down from 19 days in March, and at 103% of the listing price. This marks the second consecutive month where the average sale price exceeded the average listing price.
As demand for home ownership continues to grow, in relation to the supply of available homes for sale, we are seeing renewed upward pressure on the price of housing. Many buyers seem to have come to terms with higher borrowing costs and are taking advantage of lower sale prices from a year earlier. The dominant issue moving forward will be the lack of supply needed to meet the demand.
If you are planning to to buy or sell real estate, please speak with our team. We are here to help you stay informed. Harvey Kalles Real Estate has been in business since 1957, and we bring a wealth of experience to changing markets.