GTA housing demand strengthens as supply tightens

The Greater Toronto, ON, Area (GTA) housing market continued to improve from a sales perspective in May, says the Toronto Regional Real Estate Board (TRREB). Unfortunately, the supply of homes for sale did not keep up with the demand for ownership housing. Sales as a share of new listings were up dramatically compared to a year ago. TRREB says this is a clear signal that competition between buyers increased substantially compared to last year, resulting in the average selling price reaching almost $1.2 million last month. There were 9,012 residential sales through in May – a 24.7 per cent increase compared to May 2022. Conversely, new listings were down by 18.7 per cent over the same period. On a month-over-month seasonally adjusted basis, sales were up by 5.2 per cent compared to April 2023.