Demand for Home Ownership Continues to Rise. Competition Heats Up Between Buyers. Market Recovery.
- In March 2023, sales were down 36.5 per cent compared to March 2022.
- But, for the first time since May 2022, average sale prices were ABOVE the average list price, signalling a rise in competition among buyers.
- Homebuyers have determined that even though interest rates are high, because prices are lower (10% - 35% depending on the market), they can make the monthly payments work.
- “Recent consumer polling also suggests that demand for ownership housing will continue to recover this year. Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.” TRREB President Paul Baron.
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March 2023 vs. March 2022
March 2023 vs. February 2023
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