Last month’s home sales and the average selling price in the Greater Toronto Area (GTA) were above last year’s levels, according to data from GTA Realtors.
The GTA market recorded 7,481 sales through the Toronto Regional Real Estate Board’s (TRREB) MLS System, up 16.5% from one year earlier. This occurred despite a 3% year-over-year decline in listings. The average selling price of $1.18 million was up 3.2% from one year earlier.
“A resilient economy, tight labor market and record population growth kept home sales well above last year’s lows,” said TRREB Chief Market Analyst Jason Mercer. “Looking forward, the Bank of Canada’s interest rate decision this month and its guidance on inflation and borrowing costs for the remainder of 2023 will help us understand how much sales and price will recover beyond current levels.”
