In March 2023, the GTA housing market was tighter than last year but showed signs of resurgence. Average selling prices were down 14.6% YoY but up slightly from Feb 2023. Sales volume decreased by 36.5% but jumped by 44.2% from Feb 2023. Improving sales volume and stability in prices show buyers and sellers are coming back.
In the coming months, people may expect this activity to continue. Demand will likely be driven by first-time home buyers shifting from renting to buying as the already hot rental market heats up further, making ownership more attractive. Lower fixed interest rates and reduced inflation may help improve affordability but the market is likely to remain competitive until supply of homes and rentals improve significantly.