Greater Toronto Area Real Estate Market Report - July 2023
The Greater Toronto Area (GTA) real estate market has shown a positive trend in July 2023, with an increase in home sales, new listings, and home prices compared to July 2022. However, the market has seen more balance in July on a seasonally adjusted basis, with sales trending lower while new listings were up.
GTA REALTORS® reported 5,250 sales through TRREB’s MLS® System in July 2023, marking a 7.8% increase compared to July 2022. New listings also saw an uptick, with an annual rate increase of 11.5%. The MLS® Home Price Index Composite benchmark rose by 1.3% year-over-year, and the average selling price also increased by 4.2% to $1,118,374 over the same period.
Despite the positive figures, the sales momentum experienced earlier in the spring seems to have slowed down since the Bank of Canada restarted its rate tightening cycle in June. The lack of listings for people to purchase compared to previous years has also compounded the impact of higher rates.
Looking ahead, the demand for ownership housing is expected to remain strong due to record population growth. However, many homebuyers may continue to be on the sidelines in the short term until the direction of monetary policy and the economy becomes clearer.
Given the current trends, it appears that the GTA real estate market is transitioning towards a more balanced market. The increase in new listings and the slowdown in sales suggest that buyers may have more options to choose from in the coming months, potentially easing the intense competition and rapid price growth experienced earlier this year.
However, the market conditions can vary greatly depending on the location and property type. Therefore, whether it's a buyer's market or a seller's market can depend on these factors. For a more personalized analysis and advice, it's recommended to consult with a real estate professional.
If you're considering buying or selling a property in the GTA, Amin Real Estate Broker is here to help. With our extensive market knowledge and commitment to providing top-notch service, we can guide you through the real estate process and help you achieve your real estate goals. Visit our website or contact us today for more information.
For more detailed information, you can check the full report.
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