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Toronto Real Estate Market Stats - May 2023

May 2023’s GTA housing market displayed strong demand in light of restrained new listings, showing a continuation of a seller’s market despite lower prices compared to the previous year. Prices continued a monthly trend up 3.5% from April 2023 despite a slight YoY decrease. Sales volumes grew on all property types despite having less new listings than the same time last year.

There was notable growth in sales volume of detached/semi-detached houses and condos with increases of about 22% and 40% respectively compared to the previous year, which highlights some shift in buyer preferences. Buyers seem to be adjusting to the increased borrowing costs, easing barriers to buy housing while immigration and hot rentals factor in to the pronounced rise in condo sales.

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