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The housing market in the GTA continued to tighten in April, with sales slightly lower when compared on a year-over-year basis to those in April 2022. New listings for properties were down by more than 33%, which drove up the competition between homebuyers. This has led to a gradual improvement in the average selling price of homes and sales.
A lot of buyers have come to accept the higher interest rates associated with taking out a mortgage and are recognizing the advantages of the lower asking prices for homes, duplexes and condos in Toronto and the surrounding area. As we continue to move forward into the year the major issue is expected to be whether an adequate supply of housing will be available to keep up with the demand for it.
Overall, sales for homes in the GTA were down by 5.2% on a year-over-year basis. In March 2023, there was a decrease of 38.3% in new listings during the same month. The average selling price of a home in the GTA was down by 7.8% to $1,153,269 compared to $1,250,704 back in April 2022.
The demand for homeownership has increased, which is placing more pressure on home prices. Renewed competition is being seen between buyers, which has led to an impact on housing affordability. This affordability issue is also being witnessed in the rental market across the GTA.
During the first quarter of 2023, the average selling price for condos was lower on a year-over-year basis, which was in line with the general market. Renewed growth in sales for Toronto condos is expected moving forward due to improved buying intentions by first-time buyers, a tight rental market and strong population growth. In the first quarter of 2023, 4,519 sales of condominium apartments were reported. As well, the number of new listings were down by 19.9%. As a result, Toronto condo buyers were provided with more choice when compared to the first quarter of 2022.
The average price in the first quarter of 2023 for condominium apartments in the GTA was $700,566, which was down by 11.4% when compared to the first quarter in 2022 when the average price was $790,418. The market conditions for housing have been tightening across the GTA but it’s expected that selling prices and home sales will improve as we move forward through 2023.
This lull in buying activity for condos in Toronto was temporary as people began to come to terms with the higher interest rates for home loans. A recent Ipsos poll, however, indicates that buying activity for first time homeowners will increase substantially this year due to renting increases in the double digits that has been ongoing for the last two years. Even with the higher interest rates, the monthly mortgage payments for condos in Toronto are almost the same price as renting an apartment for many buyers.
As interest rates continued to increase, a lot of first-time buyers began to panic and put off purchasing Toronto condos. As these buyers accept the higher rates, they are also now understanding that the lower selling prices should not be ignored. Now is the time to purchase Toronto condos to take advantage of the lower prices – especially since the market forecast is calling for a higher demand for housing that will only increase as the year goes by.
Take a fresh, new look at the Toronto condos that are currently available and those that are being developed. Now is a great time to purchase condos in Toronto and across the GTA.
The Greater Toronto Area is Canada’s most populated metropolitan area. The City of Toronto and 4 regional municipalities that surround it including York, Peel, Halton and Durham make up the GTA. In all, there are 25 rural, suburban and urban municipalities within the Greater Toronto Area. Almost 6,500,000 people live in this area according to the latest census, which was taken in 2016.
Burlington lies in the southwest part of the GTA and the region extends across downtown Toronto and Lake Ontario to Clarington in the East. At the most northern tip of the GTA you’ll find Brock, which is located in the Durham Region.
This is a huge area of land covering approximately 7125 km². Lake Ontario lies to the south, the Niagara Escarpment can be found on the west, Kawartha Lakes lies on the east while Lake Simcoe is situated just north of the GTA. It is also a part of the Ontario Peninsula and this region creates the Greater Toronto Bioregion, which is its own natural ecosystem.
The GTA is North America’s 2nd largest financial centre and generates approximately 1/5 of the GDP in Canada. In terms of business headquarters in Canada, 40% of them can be found in this area. An estimated 2.9 million employees work in the Greater Toronto Area with more than half working in the service sector. The service industry sector provides more than 72% of the GDP of the region.
The 5 big banks of Canada all have their headquarters located in the Toronto Financial District. As well, the Toronto Stock Exchange headquarters can be found within the City of Toronto.
In terms of the high-tech companies in the country, the largest concentration of them can be found in Markham. For this reason, the city has also been known as the High-Tech Capital of Canada. The GTA is also North America’s 2nd largest automotive centre with many big-name assembly plants such as Chrysler, Ford and GM located here along with many Canadian automotive headquarters. In fact, about 10% of the GDP of the region comes from the automobile industry.
Residents living within the greater Toronto area have many options to choose from when it comes to public transportation. Some of the public transit operations found within the perimeter of the GTA include:
Highway 401 is the GTA’s major roadway and is the longest highway in Ontario. It is also one of the world’s busiest highways and part of the roadway that goes through Toronto is the busiest highway in volume in North America.
Toronto Pearson International Airport is located in Mississauga and serves the GTA. This is the busiest and the largest airport in Canada with almost 50 million passengers using the airport in 2018.
There is also an important maritime infrastructure located here including the Port of Toronto. This port along with the Port of Oshawa handles anywhere from 2 to 4 million tons of cargo every year. In 2019, it also served 12,000 passengers for cruise lines.
The GTA is a powerful economic, financial, distribution and commercial centre in North America and the world. It has loads to offer to both residents and to visitors and offers a lot of opportunity for employment, relaxation, entertainment and exploration.
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