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March 2023 - Toronto Real Estate Housing Market Update

March 2023 - Toronto Real Estate Housing Market Update

The Spring Market is in full bloom!

March numbers are in, and the results are flabbergasting to most observers! It seems that GTA buyers have already adjusted to the increase in borrowing costs, much quicker than imagined, and have been out purchasing.

Toronto Real Estate Board members reported the sale of 6,896 homes, 47.5 % more than February! Low priced homes lead the sales with 70.5% selling for under $1,250,000 (52.5% were under $1,000,000). Despite those facts, the average sale price for March stood at $1,108,606, a small 1.1% increase over the previous month, but a positive indication for the future.

The biggest challenge remains that of supply of homes available for sale. Unfortunately, prices will continue to increase as the competition for homes is fierce! With a limited inventory of 11,184 homes for sale and projected sales in April to be about 9,500, bidding wars for homes will continue with the resulting increase in prices.

But….. don’t be fooled when a novice or part time agent says, “a house sells itself” or “sold over asking”. It’s maximizing value that counts and that depends on the realtor they choose. The price a seller gets for their home is a function of correct pricing, the number of buyers a realtor exposes a home to and the negotiating abilities of the realtor. Let’s not forget protecting your legal interest, but that’s another story!

We are in puzzling times. Consider higher borrowing costs, anticipation of a recession… which seems slow to develop, lower prices and fewer sales than a year ago. Many people are in a quandary, they don’t know what to expect or to do. This is where I come in.

Understanding your needs and objectives is my priority. This leads to uncomplicating  the market and guiding you to make the best decisions for you and your family’s future. As a full time, professional realtor, working for a worldwide brand like RE/MAX! will find success. With your patience and my experience  opportunity will come knocking!

If you have any questions about the market or what the future holds for GTA real estate, give me a call, let’s talk, I am here for you or someone you care about!

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠

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