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Toronto Prices Rising in April

Market Update

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04/24/23

April prices are higher than in March for both freehold and condo properties. Inventories are trending lower, and the Bank of Canada is no longer increasing interest rates, and so the strong market will likely continue through the rest of the spring.

Freehold Homes

House prices are about 4% higher in April as compared to March, and have recovered about 50% of the drop from last year’s peak to the second half plateau. If past is prologue, we can expect this trend to continue until early to mid June. After that, a somewhat slower market in July and August would be perfectly normal.

The inventory of homes for sale continues to fall steeply, and was under 1.5 months’ supply as of the end of March. This is deep in sellers’ market territory and closing in on last year’s low.  This further supports the contention that the strong market has some staying power.

 

Condominium Apartments

Condo prices are up for the third straight month and are now back to where they were during the second half of last year. After a slow start this year, condo prices are now on a solid uptrend. As for houses, the condo market should remain strong through the rest of the spring.

Condo inventory is also falling steeply and is under 2 months’ supply as of the end of March. This isn’t quite as low as for houses, but is still well within sellers’ market territory. We should expect continued strength in condos at least until early/mid June, as for houses.

 

Bottom Line

The Toronto market has been gaining strength since the beginning of this year. While not as frenetic as early 2022, it’s very healthy and will probably remain so for some time.

 

 

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