April, 2023: Toronto & GTA MLS® home sales: Sales, Prices & Inventory Generally Lower

Toronto, Ontario - May 3rd, 2023 - Toronto Region Real Estate Board President Paul Baron this morning released the April, 2023 MLS® home sales stats as reported by Toronto & GTA Realtors® via the Board’s monthly MarketWatch report showing a market still tightening on the inventory front. The tighter market has led to continued price strength this year.

Overview

Overall - meaning all home types across TRREB’s market area - 7,531 residential properties were transacted in April representing a 5.2% drop versus last April when we were trumpeting a degree of relief on the inventory front. The overall average sale price was $1,153,269, down 7.8% from last April. [“Overall” meaning all TRREB areas and all home types]. All figures are year-over-year comparisons except where noted otherwise.

Specific Numbers

Reported sales of homes in the Detached group totalled 767 in Metropolitan Toronto, off 11.1%, at an average selling price of $1,787,752, off 8.1%. The balance of TRREB’s market area - “The 905” area code, generally - saw 2,681 sales reported, nearly uncharted at -0.5%, averaging $1,403,863, down 7.7%.

Condominium Apartment sales totalled 1,453 units reported on the month in Toronto, down just 1.8%, at an average sale price of $751,916, down an even eight percent. The balance of TRREB’s market area saw 707 units sell, UP 3.8% (the only “+” sign in the core stats), at an average of $666,987, down 7.7%.

At month-end there were 10,373 Total Active Listings. Divided by that total Sales figure of 7,531 gives us an indicated Forward Inventory of about one and one-third months. That’s actually better than we’ve seen in months past, but still relatively tight on the inventory front based on historical norms.

Homes took an average 17 days to sell… also below historical norms… though that’s “54.5% slower” than last April’s 17 Listing Days on Market.

Quotable…

TRREB President Paul Baron:
“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.”

TRREB Chief Market Analyst Jason Mercer:
“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."

TRREB CEO John DiMichele:
“Lack of affordability in the GTA ownership and rental housing markets has been well-documented. On top of this, households faced with steep price increases for basic goods and services have had to make tough decisions to adapt. It is time for governments to make tough choices as well. On average, every dollar a household makes in the first half of the year goes to taxes. Governments need to provide more value for every tax dollar they collect and should be looking for ways to reduce tax burdens moving forward."

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