May 2023 Market Insights

GTA sales and prices continue to improve while supply remains an issue. Inflation rate expected to hit 3% in June.

As outlined in my monthly infographics, April's numbers show positive price gains and increased sales compared to April 2022.  Low inventory in single low-rise properties will continue to push average home values higher, in the foreseeable future.  Seller's taking advantage of the timing in the market as buyers adjust to a stabilizing mortgage rate landscape.

“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability,” said TRREB Chief Market Analyst Jason Mercer.  

Inflation in Canada remains high but should come down quickly to around 3% in the middle of this year because of lower energy prices, improved supply chains and restrictive monetary policy. The Bank projects that inflation will reach the 2% target by the end of 2024.

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