Apr 05, 2023
By Jane Brown
Competition between buyers returned last month in the GTA as the average price of a home hit $1,108,606 in March compared with $1,096,519 in February.
The latest Toronto Regional Real Estate Board also reveals the average price in March was down almost 15-percent from the same month last year, when bidding wars kept the market moving at a frenzied pace.
Jason Mercer is with TRREB and says it might be a time for empty nesters to think about selling again.
“From a seller’s perspective, if we continue to see prices trending upward, that will prompt some sellers who’ve been on the sidelines to move back into the market place,” Mercer told CP24, “On the buying side, in a lot of parts of the GTA, the first time buyer’s really going to be leading the way. High rents are pushing some people back in the ownership market and on top of that people have had time to recalibrate in this higher interest rate environment.”
The TRREB report also says sales were up from February but down almost 37-percent from March of last year.
And last month’s new listings hit just over 11,000 down 44 percent from March 2022.
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