March 2023
I can't believe the first quarter of 2023 has already come to an end.
The residential real estate market has seen its ups and downs as of late, however we are now starting to see some consistent growth in the market.
As we moved through the first quarter competition between buyers was heating up in many GTA neighbourhoods.
The most recent statistics support this with the average sale price above the average list price for the first time since May 2022.
It has been suggested that demand for home ownership will continue to recover this year as high average rents move more closely in line with the cost of ownership.
The average selling price was down by 14.6 per cent year-over-year to $1,108,606.
The average selling price was up month over-month on an actual and seasonally adjusted basis.
TRREB's Chief Market Analyst, Jason Mercer, reported that with greater uncertainty in financial markets, medium-term bond yields have begun to trend lower.
This has and will continue to result in lower fixed rate borrowing costs this year.
Along with record setting immigration, first-time buying intentions will continue to remain strong.
The new construction market has also begun to pick-up as areas outside of the core of Toronto have begun to witness higher demand.
Pricing and affordability of this product in these areas is the driving force of this demand.
If you are looking to learn more about the buying and investing opportunities new construction presents, please do not hesitate to contact me.
Know that I am only a call, email or text away to assist with any of your real estate needs.