GTA REALTORS® reported 9,012 sales in May 2023 through TRREB’s MLS® System – a massive 24.7% bump compared to May 2022. On a month-over-month seasonally adjusted basis, sales were up by 5.2% compared to April 2023. The MLS® Home Price Index (HPI) composite benchmark is up by 3.2% on a seasonally adjusted monthly basis compared to the previous month. Average selling price is at $1,196,101, continuing an upward trend in selling prices that started earlier this year. Conversely, new listings were down by 18.7% over the same period.
“The demand for ownership housing has picked up markedly in recent months… Strong rent growth and record population growth on the back of immigration has also supported increased home sales. The supply of listings hasn’t kept up with sales, so we have seen upward pressure on selling prices during the spring,” said TRREB Chief Market Analyst Jason Mercer.
In summary, the number of sales and the average selling price continue their upward trend as more homebuyers are moving back into the market. Market experts are urging the authorities to ensure that there will be adequate housing supply to meet this demand.
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year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.
