March GTA Housing Market Tightens

Greater Toronto, ON, Area (GTA) housing market conditions tightened in March. Sales accounted for an increased share of listings in comparison to March 2022, suggesting that competition between buyers is on the rise, says the Toronto Regional Real Estate Board (TRREB). Paul Baron, TRREB president, says, “Recent consumer polling also suggests that demand for ownership housing will continue to recover this year. Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.” Realtors reported 6,896 sales in March – down 36.5 per cent compared to March 2022. On a month-over-month basis, actual, and seasonally adjusted basis, sales were up. New listings were down on a year-over-year basis, but by a much greater annual rate. This points to tighter market conditions compared to last year.