TRREB’s March Real Estate Data.

As a Toronto real estate agent, I am delighted to provide you with the latest update on the Toronto house prices and other statistics. Competition between buyers has increased in many GTA neighborhoods, leading to a tighter market conditions in March 2023.

There was a total of 6,896 sales that took place in March. Despite the fact that this was a 36.5% decrease year-over-year, sales rose significantly month over month.

While new listings were down 44% YoY, they increased by 34% MoM, reaching just over 11,000 new listings for the first time since September 2022. The decrease in inventory and higher competition among buyers led to a 44% increase in sales from February. Buyers still prefer affordable property types such as condos, which saw a 46% increase in sales MoM.

The average Toronto house prices decreased by 14.6% from last year, but there was an almost 7% increase MoM, with the average sale price reaching 1.1M. Notably, this was the first time since May 2022 that the average selling price was above the average list price. The SNLR is up by 8% this March, currently sitting at 62%, marking the beginning of a seller’s market.

The New Federal Budget – How You Can Save Tax Free For A Home

As part of the new federal budget, Canadian first time home buyers have a reason to celebrate this year. First-time homebuyers should be aware of the FHSA, a tax-free first home savings account that took effect as of April 1st this year. With the FHSA, first-time homebuyers can save up to 40K tax-free, with contributions being tax-deductible and withdrawals to purchase a first home being non-taxable. However, using it towards an investment property will not qualify for a tax-free withdrawal. To be eligible for the FHSA, you need to be a Canadian resident over 18 years old and not have owned a home at any time during the year the account is opened or the four years prior. You can open an FHSA with any of the major banks.

In conclusion, a surging population and first-time homebuyers returning to the market mean that the supply of homes will remain low, leading to a seller’s market. It is important to stay informed and work with a trusted real estate agent to navigate the current market conditions and take advantage of programs like the FHSA. Let’s schedule a call and explore your options in this market, contact me below!