Top 8 Takeaways from March 2023 GTA Real Estate Market Recap
Welcome to a new episode of The Real Estate Podcast with me, Nico James-Bock, a Broker at Royal LePage Signature Realty in Downtown Toronto.
As we moved through the first quarter Realtors were increasingly reporting that competition between buyers was heating up in many GTA neighbourhoods. The most recent statistics support this with the average sale price above the average list price for the first time since May 2022. It has been suggested that demand for home ownership will continue to recover this year as high average rents move more closely in line with the cost of ownership.
There were 6896 sales reported in March 2023, down 36.5 per cent compared to March 2022. On a month-over-month basis, actual and seasonally adjusted sales were up. New listings were also down on a year-over-year basis but by a much greater annual rate. This points to tighter market conditions compared to last year, at the end of March TRREB currently reported only a month and a half of inventory of available homes of all types.
The average selling price was down by 14.6 per cent year-over-year to $1,108,606. The average selling price was up month over-month on an actual and seasonally adjusted basis.
TRREB's Chief Market Analyst, Jason Mercer, reported that with greater uncertainty in financial markets, medium-term bond yields have begun to trend lower. This has and will continue to result in lower fixed rate borrowing costs this year. Along with record setting immigration, first-time buying intentions will continue to remain strong.
Takeaways
1.Home prices are trending upwards
2.We are expecting another BoC rate hold in the next announcement, Apr 12th
3.Fixed interest rates are directly affected by the Bond Yield
4.Variable Rates are affected by the BoC’s interest rate moves
5.Budget 2023 introduced Urban, Rural, and Northern Indigenous Housing Strategy and The Housing Accelerator Fund
6.an intention to reallocate National Housing Co-Investment Fund dollars from the repair stream to the new construction stream, as needed.
7.enable financial institutions to offer the previously announced Tax-Free First Home Savings Account, starting April 1, 2023.
8.Bill 23 More Homes Built Faster Act – to see that more homes are built in a timely fashion and offer protection to consumers against unethical developers.
That's it for today's episode. I'm Nico James-Bock, a broker with Royal LePage Signature Realty in Downtown Toronto and founder of The CondoWiz™Group. As always you can reach out to me through my various channels.
Ciao Ciao
Video Version: https://youtu.be/iBcuB26gT7c
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