The Toronto Regional Real Estate Board (TRREB) has released its sales data for March 2023. With 6,896 home sales reported through the local MLS, transactions were down 36.5% year-over-year. This represents a 27.5% decline when compared to the 10-year average.
Housing market conditions continue to tighten across the GTA. The 11,184 new listings entering the market in March are a decline of 44.3% from the previous year. At month’s end, there were 10,120 active listings, representing a 1.47-month supply heading into April.
The average selling price for March was $1,108,606, down 14.6% from the previous year, but up 1.2% from February. Similarly, the MLS Home Price Index (HPI) Composite Benchmark was down 16.2% (-13.2% in Toronto) year-over-year, but up from a month earlier. The share of sales for homes priced below $1,000,000 increased to 53.7% in March 2023, compared to 38.7% in 2022.
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Here is the price breakdown by housing type: Detached homes sold for an average of $1,468,651, a year-over-year decrease of 13.5%, and a month-over-month increase of 2%. The average price for semi-detached homes was $1,087,924 (-17.4% /+1.7%), townhomes sold on average for $935,626 (-14% /+0%), and the average price of condos was $703,566 (-13% /-0.3%).
The average March sale took place in 19 days on market, down from 22 days in February, and at 101% of the listing price. This marks the first time since May 2022 that the average sales price exceeded the average listing price.
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With the spring market now underway, home sales continue to account for a greater share of new listings. This is keeping months of inventory down and ensuring that the market remains competitive. ‘Days on Market’ are lower by 14% from just a month earlier, while roughly 45% of all sales in March went over the list price.
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