May 2023 Market Update
The Greater Toronto Area housing market continues to improve as the volume of sales in May were up almost 25% compared to May of 2022. Competition between buyers has increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month, nearing the average price of May 2022.
The big driver of our market continues to be the lack of supply of homes available for sale, active listings are down by 23% over last May. The months of inventory figure, which measures the pace at which homes are selling, is currently at 1.3 months, if no more homes, of all types, did not come to market we would be sold out of our product in just over a month. The demand for home ownership has picked up with many homebuyers recalibrating their housing needs due to higher borrowing costs and moving back into the market.