Report Summary - Greater Toronto Area (GTA) Housing Market - April 2023:
- Sales: There were 7,531 sales in April 2023, a 5.2% decrease compared to April 2022.
- New Listings: New listings were down by 38.3% year-over-year in April 2023.
- Competition: With fewer listings and increased demand, there was more competition between buyers.
- Selling Prices: The average selling price in the GTA was $1,153,269 in April 2023, a 7.8% decrease compared to April 2022.
- Price Increase: The MLS® Home Price Index (HPI) Composite Benchmark was down by 12.1% year-over-year, but the benchmark price increased compared to the previous month.
- Market Outlook: TRREB President mentioned a gradual improvement in sales and average selling prices. The issue lies in meeting the demand with sufficient supply.
- Affordability Concerns: Increased competition is once again highlighting the lack of listings and its impact on affordability.
- Government Intervention: TRREB CEO emphasized the need for governments to make tough choices, reduce tax burdens, and provide more value for tax dollars.
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