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The March 2023 market update is available and we have the highlights in the link below
The top 3 takeaways are:
1. Competition between buyers in the Greater Toronto Area (GTA) housing market is increasing, with sales accounting for a larger share of listings in March 2023 compared to the same period in 2022.
2. The average sale price for GTA homes was above the average list price for the first time since May 2022, indicating upward pressure on selling prices.
3. While the number of new listings was down on a year-over-year basis, the demand for ownership housing is expected to recover, with first-time buyers leading the way, as high average rents move more closely in line with the cost of ownership. However, the number of homes for sale is expected to remain low, and there is a need to focus on bringing more purpose-built rental units online in the coming years to meet the demand for rental supply.
View Now: https://bit.ly/3zEDUdA
It's important that you work with an experienced and knowledgeable team to help you navigate these current market conditions. Reach out today if you have any questions.
The top 3 takeaways are:
1. Competition between buyers in the Greater Toronto Area (GTA) housing market is increasing, with sales accounting for a larger share of listings in March 2023 compared to the same period in 2022.
2. The average sale price for GTA homes was above the average list price for the first time since May 2022, indicating upward pressure on selling prices.
3. While the number of new listings was down on a year-over-year basis, the demand for ownership housing is expected to recover, with first-time buyers leading the way, as high average rents move more closely in line with the cost of ownership. However, the number of homes for sale is expected to remain low, and there is a need to focus on bringing more purpose-built rental units online in the coming years to meet the demand for rental supply.
View Now: https://bit.ly/3zEDUdA
It's important that you work with an experienced and knowledgeable team to help you navigate these current market conditions. Reach out today if you have any questions.
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