Low Inventory Once Again Spurs Increased Competition for Homes in the GTA
GTA Market Activity – February 2023
During the month of February, the housing market in the Greater Toronto Area (GTA) experienced a noticeable revival, characterized by a surge in property values across all asset classes. Notably, the average sales price for all property types increased by 5.4% when juxtaposed with January’s data, culminating in a February average sales price of $1,095,617.
The gains in property values were observed across all asset classes, with the detached market realizing an impressive uptick of 7.2%, resulting in an average sales price of $1,439,735, the largest increase since January 2022. Similarly, the condominium market increased month-over-month with an appreciation of 2.5%, translating into a final average sales price of $705,472 for the month of February. Pressure on inventory led to a substantial drop in average days on market which now sits at 22 days, the lowest since August 2022.
Market activity also increased, as evidenced by a substantial improvement in both sales and inventory in comparison to January…more
