Intense Competition and Limited Inventory Drive Strong Surge in GTA Real Estate Market
GTA Market Activity – April 2023
The real estate market in the Greater Toronto Area is experiencing a surge in demand that is not being met by the limited inventory available. This has led to intense competition amongst buyers, resulting in properties selling quickly and often above the asking price. As a result, the average sale price of homes has increased across all market segments.
The average home sale price in April reaching an impressive $1,153,269, representing an 11% growth of $114,601 from the recent market low recorded in January. One of the main drivers of this price surge is the remarkably low inventory levels observed so far this year, as evidenced by the total inventory of 10,373 properties in April, which is down 21% year-over-year and a striking 33% lower than the ten-year April average of 15,421 active listings.
The detached market has seen a rise in the average sales price, which increased to $1,489,258 in April, 11% or $147,410 higher than in January 2023. The low levels of inventory are particularly apparent in the detached market, with only 4,536 active listings, which is down 26% year over year and 43% from the preceding ten-year average for April data. Low inventory is driving buyers to compete over the limited properties that are available. Numerous properties have received multiple offers, leading to …more
