TRREB: GTA SALES AND PRICE CONTINUE TO IMPROVE WHILE LISTINGS REMAIN
CONSTRAINED

TORONTO, ONTARIO, May 3, 2023 – The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new
listings were down by more than one-third. Fewer listings relative to sales meant there was more
competition between buyers, supporting an improvement in selling prices since the beginning of this
year.

“In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual
improvement in sales and average selling price. Many buyers have come to terms with higher
borrowing costs and are taking advantage of lower selling prices compared to this time last year. The
issue moving forward will not be the demand for ownership housing, but rather the ability to meet this
demand with adequate supply. This is a policy issue that requires sustained effort from all levels of
government,” said TRREB President Paul Baron.

GTA REALTORS® reported 7,531 sales through TRREB’s MLS® System in April 2023 – down by 5.2
per cent compared to April 2022. In comparison to March 2023, sales increased on an actual and
seasonally adjusted basis. On a year-over-year basis, new listings were down by 38.3 per cent in April
2023.
The MLS® Home Price Index (HPI) Composite Benchmark was down by 12.1 per cent year-over-year
in April 2023. Compared to March, the benchmark price was up on an actual and seasonally adjusted
basis. The average selling price in the GTA was $1,153,269 in April 2023 – down 7.8 per cent
compared to $1,250,704 in April 2022. The average selling price also increased compared to March,
both on an actual and seasonally adjusted basis.

“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward
pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the
constrained housing supply in the GTA. Renewed competition between buyers is once again shining
the spotlight on the persistent lack of listings and resulting impact on affordability,” said TRREB Chief
Market Analyst Jason Mercer.

“Lack of affordability in the GTA ownership and rental housing markets has been well-documented. On
top of this, households faced with steep price increases for basic goods and services have had to make
tough decisions to adapt. It is time for governments to make tough choices as well. On average, every
dollar a household makes in the first half of the year goes to taxes. Governments need to provide more
value for every tax dollar they collect and should be looking for ways to reduce tax burdens moving
forward,” said TRREB CEO John DiMichele.

 

Month-Over-Month

• There were 11,364 New Active Listings in April 2023 – UP 1.6% compared to March 2023.
• The average sold price was $1,153,269 in April 2023 – UP 4% compared to March 2023.
• There were 7,531 sales registered through TRREB’s MLS® System in April 2023 – UP 9.2% compared to March 2023.
• The average days on market (DOM) is 24 days – DOWN 12.5% compared to March 2023.

 

Year-Over-Year

• There were 11,364 New Active Listings in April 2023 – DOWN 37.4% compared to April 2022.
• The average sold price was $1,153,269 in April 2023 – DOWN 7.8% compared to April 2022.
• There were 7,531 sales registered through TRREB’s MLS® System in April 2023 – DOWN 5.2% compared to April 2022.
• The average days on market (DOM) is 24 days – up 71.4% compared to April 2022.