May 2023 – GTA Housing Market News
Here is our quick market update for the Toronto Real Estate Board and Milton area.
The Toronto Real Estate Board and Milton area witnessed a surge in demand for housing, outpacing the available supply. Sales as a proportion of new listings showed a remarkable increase compared to the previous year, indicating heightened competition among buyers. In May 2023, sales experienced a substantial growth of 24.7% compared to May 2022. On a seasonally adjusted monthly basis, sales also saw a positive trend, rising by 5.2% compared to April 2023. Although the average selling price in May 2023 declined slightly by 1.2% to $1,196,101 compared to May 2022, it rose by 3.5% on a seasonally adjusted monthly basis compared to April 2023. The heightened demand for ownership housing can be attributed to higher borrowing costs and population growth. Strong rent growth and record immigration have further fueled the surge in home sales. However, the inadequate supply of listings relative to demand has exerted upward pressure on selling prices during the spring market.
If you have any inquiries regarding the market or your specific property, please do not hesitate to contact us at any time. We are here to assist you.
Milton Real Estate Market
The average price in Milton $1,117,530
Burlington Real Estate Market
The average price in Burlington $1,115,294
Oakville Real Estate Market
The average price in Oakville $1,554,259
