April 2023
The Residential Real Estate market around the GTA has begun to heat up.
The housing market continued to improve through the month of April.
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 means there was more competition between buyers, supporting an improvement in selling prices since the beginning of the year.
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 means there was more competition between buyers, supporting an improvement in selling prices since the beginning of the year.
The average selling price also increased compared to this past March.
Demand for housing has picked up relative to supply, therefore, 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.
With the renewed demand for resale homes, buyers have now begun to take a closer look at the option of purchasing new construction, residential low rise and high rise developments.
New construction has been a great way for buyers to get into the market as the deposit structures are spread out over the construction life cycle of the development.
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.