Market Update: March 2023

The real estate market is heating up!

The average sale price for March was $1.109m which increased from last month’s average of $1.096m

Prices are up and so are sales. We had just under 7,000 sales in March a big jump from February’s 4,800 sales but still down 36.5% compared to the hot market we had in March 2022

Sales and average prices have climbed recently due to the lack of inventory. March had just over 11,000 New listings, a 44.3% decrease over last year. With the lack of listings and first-time home buyers jumping into the market as they are opting to buy as opposed to paying high rental fees, you can see why the market is picking up.

We are just entering the spring market, which has historically been a hot market here in the GTA…Unless there is a drastic increase in the number of listings, which would put downward pressure on price, which we don’t expect, we are predicting that the next few month’s average sale prices will continue to climb.