April showers (and if we're being honest, May showers as of late) have been bringing May flowers. Things are starting to look beautiful in the city. The market has been busy and I've been loving working with my clients to sell their homes, and/or buy their beautiful dream homes. It's a wonderful time of year to buy and sell real estate.
Here is a brief look at the March Toronto real estate market as reported by the Toronto Real Estate Board:
“The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.
“In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual improvement in sales and average selling price. Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government,” said TRREB President Paul Baron.
GTA REALTORS® reported 7,531 sales through TRREB’s MLS® System in April 2023 – down by 5.2 percent compared to April 2022. In comparison to March 2023, sales increased on an actual and seasonally adjusted basis. On a year-over-year basis, new listings were down by 38.3 percent in April 2023.
The MLS® Home Price Index (HPI) Composite Benchmark was down by 12.1 percent year-over-year in April 2023. Compared to March, the benchmark price was up on an actual and seasonally adjusted basis. The average selling price in the GTA was $1,153,269 in April 2023 – down 7.8 percent compared to $1,250,704 in April 2022. The average selling price also increased compared to March, both on an actual and seasonally adjusted basis.
“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability,” said TRREB Chief Market Analyst Jason Mercer."
Are you all set for Mother's Day this Sunday? Don't forget! Vanderfleet Flowers is a wonderful flower shop in The Kingsway, but of course, The Kingsway has so many lovely shops to find something perfect for mom.
Neighbourhood Spotlight:
Vanderfleet Flowers
VANDERFLEET Flowers offers only premium seasonal cut flowers, fresh long-stem roses, classic floral arrangements, European hand-tied bouquets, exotic orchid flowers, tropical flowers, and unique floral designs.
VANDERFLEET stocks a variety of exotic plants, blooming orchid plants, flowering azalea plants, hardy cactus & succulents, & other seasonal blooming plants such as amaryllis, bromeliads, crocus, cyclamen, hibiscus, hyacinth, hydrangea, kalanchoe, muscari, tulips & more. Be sure to order yours in advance for Mothers Day coming up on May 14, 2023!
