Toronto home prices have tanked by $100k in just the last year
Despite a turbulent past year, Toronto's real estate market is showing signs of rebound after a slight improvement in both sales and home prices, although the number of listings continues to trail behind.
According to a recent report by the Toronto Regional Real Estate Board (TRREB), GTA housing sales were still lower last month in comparison to April 2022.
However, new listings were also down by more than one-third, meaning competition remained tight between home buyers.
"Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year," said TRREB President Paul Baron. "The issue moving forward will not be demand for ownership housing, but rather the ability to meet this demand with adequate supply."
GTA Realtors reported 7,351 sales through TRREB'S MLS System in April 2023, representing a decline of 5.2 per cent when compared to the same time last year.
The report reveals that the average selling price in the GTA was $1,153,269 in April 2023, which is down 7.8 per cent when compared to the average selling price of $1,250,704 in April 2022.
In Toronto specifically, the average selling price was $1,120,352 in April 2023 and $1,240,340 in 2022, representing a steep decline of 100k.
When analyzing different types of property, the report found that the average price of a detached home in Toronto in April 2023 was $1,787,752.
The average selling price for a semi-detached home in Toronto trailed behind at $1,326,462, and was closely followed by townhouses ($1,053,864), and condos ($751,916).
"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," said TRREB CEO John DiMichele.
You can find the full TRREB report here.
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