June 2023 – The Greater Toronto Area Real Estate Market: Strong Prices Decreased Sales and High Competition
The Greater Toronto Area Real Estate Market: Strong Prices, Decreased Sales, and High Competition
The real estate market in the Greater Toronto Area (GTA) has remained strong over the past year, with an average price of $1,196,101 for all property
|The real estate market in the Greater Toronto Area (GTA) has remained strong over the past year, with an average price of $1,196,101 for all property types in May 2023. However, the number of sales has decreased slightly from 9,012 in May 2023 to 7,531 in April 2023. Despite this, the market remains competitive with a sales-to-new-listings ratio (SNLR) of 59.31% in May 2023, indicating that there are still more buyers than sellers in the market. The average days on market (DOM) has also decreased from 29 days in January 2023 to 14 days in May 2023, indicating that properties are selling quickly.
The market has also seen an increase in new listings, with 15,194 new listings in May 2023 compared to 7,683 in January 2023. However, the number of active listings has remained relatively stable, with 11,868 in May 2023 compared to 9,299 in January 2023. The months of inventory has decreased from 2.99 in January 2023 to 1.32 in May 2023, indicating that the market is becoming more competitive. Overall, the market remains strong for sellers, but buyers may face challenges due to the limited inventory and high competition.