With interest rates stabilizing in the early months of 2023, buyers are returning to Toronto’s real estate market and prices have already begun to climb.
A new report from the real estate website Zoocasa, sourcing data from the Toronto Regional Real Estate Board, found first-quarter single-detached home prices in the Greater Toronto Area climbed in every area except Dufferin County, while prices in the City of Toronto and the Halton Region climbed, 14.95 per cent and 14.46 per cent, respectively.
The average selling price for a single-detached home in the City of Toronto climbed to $1,708,373 in March 2023.
The data also shows buyers have returned as well, with single-detached home sales climbing across every region between January and March, with most eclipsing 100 per cent growth.
Meanwhile, sellers have also returned en masse, with new listings between January and March climbing around 50 per cent throughout the region.
John Pasalis, president and broker at Realosophy Realty, told BNN Bloomberg earlier this week Toronto is currently in a real estate “crisis” and pushed for the issue to be more of a focal point in the city’s upcoming election.
“The one thing that’s missing is really strong policies on increasing density,” he said.
“Density is the most important issue right now for market housing. If we’re not allowing more housing, especially in transit areas… then we’re not doing much. We’re not going to increase the supply of housing we need in the Toronto area.”
It remains to be seen if Toronto’s housing trend will continue, as experts have hinted further rates hikes could be on the way, as Canada’s economy beat expectations and grew at an annualized rate of 3.1 per cent in the first quarter.