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Dear Friend,
No one likes being confused. Everyone likes clarity. That’s a principle that, I expect, no one would dispute. When you have clarity, you can make the best decisions. When you’re confused, you’re stuck.
That principle is especially evident when it comes to real estate. It can seem baffling to those who are not involved in it day to day. There are so many perplexing terms and issues: inventory, buyer’s and seller’s markets, comparables, etc.
The list goes on and on.
The good news is, you don’t need to be confused.
One of the many things I do for my clients and the communities in which I’m active is demystify the real estate market — especially your local real estate scene. These regular email updates are one of the ways I do that. Another way I help is simply by being available anytime you have questions.
For example, if you’re curious about what your home would sell for in today’s market, feel free to give me a call. I can do a quick analysis and give you a fairly good estimate.
I understand the value of having a professional you can reach out to so you can get the answers you need. That’s why I make myself available to you in this way.
Just call me your real estate confusion-buster!
GTA REALTORS® Release May 2023 Stats
GTA Real Estate Market Update by Toronto Regional Real Estate Board
TORONTO, ONTARIO, June 2, 2023 – The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.
“Despite the fact that we have seen positive policy direction over the last couple of years, governments have been failing on the housing supply front for some time. Recent polling from Ipsos found that City of Toronto residents gave Council a failing grade on housing affordability and pointed to lack of supply as the major issue. This issue is not unique to Toronto. It persists throughout the Greater Golden Horseshoe. If we don't quickly see housing supply catch up to population growth, the economic development of our region will be hampered as people and businesses look elsewhere to live and invest,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 9,012 sales through TRREB’s MLS® System in May 2023 – a 24.7 per cent increase compared to May 2022. Conversely, new listings were down by 18.7 per cent over the same period. On a month-over-month seasonally adjusted basis, sales were up by 5.2 per cent compared to April 2023.
“The demand for ownership housing has picked up markedly in recent months. Many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market. In addition, strong rent growth and record population growth on the back of immigration has also supported increased home sales. The supply of listings hasn't kept up with sales, so we have seen upward pressure on selling prices during the spring,” said TRREB Chief Market Analyst Jason Mercer.
The MLS® Home Price Index (HPI) composite benchmark was down by 6.9 per cent year-over-year in May 2023, but up by 3.2 per cent on a seasonally adjusted monthly basis compared to April 2023. The average selling price, at $1,196,101, represented a small 1.2 per cent decline relative to May 2022. On a seasonally adjusted monthly basis, the average selling price was up by 3.5 per cent compared to April 2023.
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