New listings across the GTA were down by more than 1/3 year over year. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.
The Durham Region has seen consistent improvement in average sale price month over month in 2023, with a total increase of 9.4% from December of 2022. Toronto is up 10% this year so far.
The average days a home is taking to sell dropped again in April, proving demand from buyers is high in the area. While homes are averaging 18 days on the market, selling prices are still topping out at 103% of list price.
Buyers looking for a little breathing room can head east and north. The days on market was recorded at 29 in Northumberland, 26 Peterborough, and 28 in Kawartha Lakes, with all areas selling under asking price on average.
The Bank of Canada has held it’s rate at 4.5% for it’s last two updates. Watch for an analysis on June 7th when the BOC meets again.