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Toronto Area Real Estate Market Report for 2023
The housing market in the GTA continued to tighten in April, with sales slightly lower when compared on a year-over-year basis to those in April 2022. New listings for properties were down by more than 33%, which drove up the competition between homebuyers. This has led to a gradual improvement in the average selling price of homes and sales.
A lot of buyers have come to accept the higher interest rates associated with taking out a mortgage and are recognizing the advantages of the lower asking prices for homes, duplexes and condos in Toronto and the surrounding area. As we continue to move forward into the year the major issue is expected to be whether an adequate supply of housing will be available to keep up with the demand for it.
GTA Home Sales in April 2023
Overall, sales for homes in the GTA were down by 5.2% on a year-over-year basis. In March 2023, there was a decrease of 38.3% in new listings during the same month. The average selling price of a home in the GTA was down by 7.8% to $1,153,269 compared to $1,250,704 back in April 2022.
The demand for homeownership has increased, which is placing more pressure on home prices. Renewed competition is being seen between buyers, which has led to an impact on housing affordability. This affordability issue is also being witnessed in the rental market across the GTA.
Toronto Condo 2023 Sales Figures
During the first quarter of 2023, the average selling price for condos was lower on a year-over-year basis, which was in line with the general market. Renewed growth in sales for Toronto condos is expected moving forward due to improved buying intentions by first-time buyers, a tight rental market and strong population growth. In the first quarter of 2023, 4,519 sales of condominium apartments were reported. As well, the number of new listings were down by 19.9%. As a result, Toronto condo buyers were provided with more choice when compared to the first quarter of 2022.
The average price in the first quarter of 2023 for condominium apartments in the GTA was $700,566, which was down by 11.4% when compared to the first quarter in 2022 when the average price was $790,418. The market conditions for housing have been tightening across the GTA but it’s expected that selling prices and home sales will improve as we move forward through 2023.
Higher Interest Rates Caused an Initial Lull in Sales for Condos in Toronto
This lull in buying activity for condos in Toronto was temporary as people began to come to terms with the higher interest rates for home loans. A recent Ipsos poll, however, indicates that buying activity for first time homeowners will increase substantially this year due to renting increases in the double digits that has been ongoing for the last two years. Even with the higher interest rates, the monthly mortgage payments for condos in Toronto are almost the same price as renting an apartment for many buyers.
Buyers Discovering It’s the Perfect Time to Purchase Toronto Condos
As interest rates continued to increase, a lot of first-time buyers began to panic and put off purchasing Toronto condos. As these buyers accept the higher rates, they are also now understanding that the lower selling prices should not be ignored. Now is the time to purchase Toronto condos to take advantage of the lower prices – especially since the market forecast is calling for a higher demand for housing that will only increase as the year goes by.
Take a fresh, new look at the Toronto condos that are currently available and those that are being developed. Now is a great time to purchase condos in Toronto and across the GTA.