Competition is coming back between buyers.

The Greater Toronto Area (GTA) housing market continued to tighten in April 2023, with fewer new listings compared to sales resulting in more competition between buyers and an improvement in selling prices since the beginning of the year.

Despite sales being down by 5.2% compared to April 2022, TRREB President Paul Baron noted a gradual improvement in sales and average selling price, with many buyers accepting higher borrowing costs and taking advantage of lower selling prices compared to the previous year.

However, the issue moving forward will be the ability to meet the demand for ownership housing with adequate supply, which is a policy issue that requires sustained effort from all levels of government. The average selling price in the GTA was $1,153,269 in April 2023, down 7.8% compared to the previous year but up compared to March.

Renewed competition between buyers is once again highlighting the persistent lack of listings and resulting impact on affordability. Governments need to provide more value for every tax dollar they collect and find ways to reduce tax burdens to alleviate the lack of affordability in the GTA ownership and rental housing markets, according to TRREB CEO John DiMichele.

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