The GTA's home prices are steadily increasing as a lack of listings pushes buyers aside and drives tighter market conditions. TheReal_TRREB | realestatenews Toronto GTA homesales housingmarket
“Furthermore, a persistent lack of inventory likely sidelined some willing buyers because they couldn’t find a home meeting their needs,” Baron said. “Simply put, you can’t buy what is not available.”
Listings on the other hand, of which there were 15,865 in June, were down 3% on an annual basis, making clear that supply is far from keeping up with the jump in demand. A possible bright spot — although not cause for celebration yet — is the small increase in listings from May, when there were 15,194.
“Leaders at all levels of government, including the new mayor-elect of Toronto, have committed to rectifying the housing supply crisis,” DiMichele said. “We need to see these commitments coming to fruition immediately, or we will continue to fall further behind each month.” Another measure, the MLS HPI Composite benchmark price, was down 1.9% year over year, but it saw the lowest annual rate of decline in 2023 so far. When seasonally adjusted, it too showed a month-over-month price increase.
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