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Jun 2, 2023
HOME SALES UP 25% FROM LAST YEAR, BUT SUPPLY REMAINS LOW: TORONTO REAL ESTATE
BOARD
Tara Deschamps, The Canadian Press
*
The Street Demand and confidence in real estate market are back: prominent
Toronto Brokerage
Cailey Heaps, president & CEO of Heaps Estrin, joined BNN Bloomberg to discuss
Toronto's real estate market. Heaps says confidence is returning to Toronto's
real estate market as buyers have begun to understand that despite rate hikes,
supply in housing remains tight and opportunities to find their perfect home are
limited, Heaps also discusses how banks turmoil will affect Canada's mortgage
market.
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DEMAND AND CONFIDENCE IN REAL ESTATE MARKET ARE BACK: PROMINENT TORONTO
BROKERAGE
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6:46
Demand and confidence in real estate market are back: prominent T...
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We're in a crisis in Toronto and we need bold policymakers: Real ...
The slowdown in Toronto's housing market continued to slip away last month as
home sales came in higher than they were a year ago and prices edged closer to
pandemic highs.
The Toronto Regional Real Estate Board found May's home sales amounted to 9,012,
up 25 per cent from a year earlier and 20 per cent from April.
Jason Mercer, TRREB's chief market analyst, took the numbers as a sign that
demand for home ownership has picked up markedly in recent months, after many
prospective buyers moved to the sidelines, when interest rates were hiked eight
times in a rapid succession.
"Many homebuyers have recalibrated their housing needs in the face of higher
borrowing costs and are moving back into the market," he said, in a release.
"In addition, strong rent growth and record population growth on the back of
immigration has also supported increased home sales."
However, sellers appear to still be awaiting higher prices and have not moved to
list their homes at the same pace as buyers have shifted back to the market.
However, the month also showed that supply is not keeping up with demand as new
listings were still well below May 2022's level.
Last month's new listings totalled 15,194, almost 19 per cent lower than they
were a year prior.
"The supply of listings hasn't kept up with sales, so we have seen upward
pressure on selling prices during the spring,” Mercer said.
The average selling price of a home hit $1,196,101 last month, about one per
cent lower than it was in May 2022 but up close to four per cent from April.
The composite benchmark price was down by 6.9 per cent year-over-year in May,
but up by 3.2 per cent on a seasonally-adjusted basis, when compared with April.
TRREB's numbers showed that the average price of a townhome moved up 2.5 per
cent to $1,003,152 between May 2022 and 2023, while detached homes increased by
under one per cent to $1,556,566.
Semi-detached homes were down slightly from a year ago at $1,198,185, while
condo prices fell by three per cent over the same period to $748,483.
The average home price seen so far this year is about $1,135,595 compared with
$1,189,730 last year and $1,095,475 in 2021.
Ahead of TRREB's release, Toronto broker Cailey Heaps said she had seen an
increase in prices in the city's central core.
"With price appreciation in recent months, we have certainly closed the gap on
the bottoming out of the market in late 2022 and early 2023, but overall we’re
not quite back to peak prices of early 2022," she said, in an email.
She believes the price appreciation the market saw over the previous three
months is now stabilizing and brokers are shifting to new selling strategies.
"Instead of ultra-low asking prices with offer dates and hopes for bidding wars,
sellers are adjusting asking prices to be more in line with expectations."
This report by The Canadian Press was first published June 2, 2023.
Related
* Real estate: Home prices rebound as spring market picks up
* Mixed uses and office conversions: A possible future for urban cores?
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