➕‘the numbers’ for the March are in. Tightening market supply coupled with returning Buyers has led to increased competition in many neighbourhoods across the City of Toronto. “Lower inflation and greater uncertainty in financial markets has resulted in medium-term bond yields to trend lower. This has and will continue to result in lower fixed rate borrowing costs this year. Lower borrowing costs will help from an affordability perspective, especially as tighter market conditions exert upward pressure on selling prices in the second half of 2023,” said TRREB Chief Market Analyst Jason Mercer
While sales and new listings in March 2023 remained down -37% and -34% respectively vs. March 2022, it is expected that demand for home ownership will continue to recover throughout the year, likely driven by first-time buyers as average rent prices move more closely in line with the cost of home ownership.
Looking to buy or sell a home in Toronto? Average prices in March were as follows:
➕Detached $1,708,373 [-11% vs. 2022]
➕Semi-detached $1,262,629 [-18% vs. 2022]
➕Townhouse $973,878 [-13% vs. 2022]
➕Condo $732,944 [-12% vs. 2022]