Spring Real Estate Market Off To A Strong Start

TRREB March Market Report 2023

spring real estate

There has been a lot of debate about what is going to happen in the spring real estate market this year. Will prices continue to rebound? Will sellers, who up until now seemed hesitant, start to list their homes? Are buyers willing to continue to compete in a market where listings are few and far between?

The March market report released today from the Toronto Regional Real Estate Board (TRREB) answers some of those questions. It shows that housing market conditions tightened in March. On a month-to-month basis both the number of sales and the average selling price were higher in March than in February.  The average sale price of $1,108,606 was above the average list price for the first time since May 2022.

spring real estate

“As we moved through the first quarter, Toronto Regional Real Estate Board (TRREB) Members were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics bear this out,” said TRREB President Paul Baron.

A great deal of the activity that we saw early on this year was in the $1,000,000 range. In Toronto, these buyers are largely represented by first time homebuyers. It appears that this trend will continue. The report goes on to say, “Recent consumer polling also suggests that demand for ownership housing will continue to recover this year. Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.”

Check out the full report here. If you have any questions about the spring real estate market please don’t hesitate to ask.

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