In April 2023, the GTA real estate market experienced a surge of activity, even though there were 1/3 fewer listings compared to the same period last year. While prices have declined from last year, there was a noticeable monthly increase, particularly in semi-detached and townhome properties. Although sales volume was down from last year, it has been steadily improving monthly, especially for detached and semi-detached homes.
While new listings rose sharply from March 2023, they were still not as numerous as last year. The consistent growth in prices and sales volume month to month highlights that demand is still outpacing supply. Buyers seem to have adjusted to higher borrowing costs and have been trying to take advantage of lower selling prices, resulting in bidding and increased competition. Expect such activity to continue if the supply of homes remains limited.