On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s March 2023 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from March 2023 - as well as specific info on both condo and home prices in the GTA:

Real Estate Market Watch: Residential Transactions

• 6,895 residential home transactions took place in March 2023, down from 10,862 in March 2022 - a decrease of 36.5%.
• When seasonal adjustments are taken into account, there was a 1.6% increase in the number of purchases from February 2023 (5,024) to March 2023 (5,102).

March 2023 Real Estate News: Average Selling Prices

• The average sale price for March 2023 was $1,108,606. This is a decrease of 14.6% from March 2022, when it was $1,298,666.
• The average price for homes in the Greater Toronto Area saw a 0.98% increase compared to the previous month (from $1,096,519 to $1,108,606).

 

 Monthly Market Update: New Listings

• There were 11,184 listings available for March 2023, which is a 44.3% decrease from March 2022 (when there were 20,061).
• The sales-to-listings ratio has increased by 8% from March 2022, from 54% to 62%.

 

Real Estate Market Watch for March 2023: Days On The Market

• The average property spent 27 days on the market, compared to 11 last year - an increase of 145.5%.
• Listings spent an average of 19 days on the market, which is a 137.5% increase from this month last year (when they spent an average of 8).

   

Click Here To Read TRREB's March 2023 Real Estate Market Watch Report for Both Homes and Condos

  In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

• How do I get my down payment?
• Can I use my RRSP for my down payment?
• How can I make the profits from my pre-construction purchases tax-free?
• What type of home or mortgage can I afford?
• Which incentives are available for first-time buyers?
• What is a PDI?
• What are the pros & cons of buying or selling an assignment before closing?

 We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA's home & condo markets - both for March 2023 and beyond. Check out our full series of real estate market watch reports, as well as our home & condo market outlook for 2023.