The first day of summer is next week! With the kids out of school soon, I'm looking forward to making memories with my family and enjoying the sunshine and warm weather. I hope you have some exciting summer plans too!
Here is a brief look at the May Toronto real estate market as reported by the Toronto Real Estate Board:
The Greater Toronto Area (GTA) housing market continued to improve from a sales perspective in May 2023. Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. This is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month.
“Despite the fact that we have seen positive policy direction over the last couple of years, governments have been failing on the housing supply front for some time. Recent polling from Ipsos found that City of Toronto residents gave the Council a failing grade on housing affordability and pointed to lack of supply as the major issue. This issue is not unique to Toronto. It persists throughout the Greater Golden Horseshoe. If we don't quickly see housing supply catch up to population growth, the economic development of our region will be hampered as people and businesses look elsewhere to live and invest,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 9,012 sales through TRREB’s MLS® System in May 2023 – a 24.7 percent increase compared to May 2022. Conversely, new listings were down by 18.7 percent over the same period. On a month-over-month seasonally adjusted basis, sales were up by 5.2 percent compared to April 2023.
“The demand for ownership housing has picked up markedly in recent months. Many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market. In addition, strong rent growth and record population growth on the back of immigration have also supported increased home sales. The supply of listings hasn't kept up with sales, so we have seen upward pressure on selling prices during the spring,” said TRREB Chief Market Analyst Jason Mercer.
Father's Day is this Sunday (don't forget!), and I've included a recipe for breakfast tacos that will wow any dad on Father's Day morning. Additionally, for those of you who are looking for a great place in the community to get stronger, you will love my neighbourhood spotlight this month!
Neighbourhood Spotlight:
F45 Training, Lambton-Kingsway
F45 is specifically designed to provide a functional full-body workout while improving energy levels, metabolic rate, strength, and endurance. The team mentality at F45 Training helps members transform their lifestyle physically and mentally while encouraging community growth and a no-ego attitude. F45 is one of the most time-efficient ways of training. They aim to burn up to 750 calories per 45-minute session. The owner, Phillip is fantastic and offers local residences a one week trial. Kick off your summer training to become the best version of yourself!
