The Greater Toronto Area's housing market is experiencing an increase in sales compared to last year, but sadly the supply of homes for purchase is not keeping up with the demand. This competition between buyers has caused the average selling price to approach an eye-watering $1.2 million. 

TRREB Chief Market Analyst Jason Mercer states that the demand for ownership housing has markedly increased in recent months, with many buyers returning to the market. The MLS® Home Price Index (HPI) composite benchmark was down by 6.9% year-over-year in May 2023, but up by 3.2% on a seasonally adjusted monthly basis compared to April 2023. Even though the average selling price represented a small 1.2% decline compared to May 2022, it was up by 3.5% compared to April 2023.

Our monthly market update showcases everything you need to know about local real estate trends over the last month.