{"id":21226,"date":"2023-03-03T12:28:42","date_gmt":"2023-03-03T17:28:42","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=21226"},"modified":"2023-03-03T12:28:43","modified_gmt":"2023-03-03T17:28:43","slug":"trreb-feb-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-feb-2023\/","title":{"rendered":"Will the Spring Housing Supply be Enough to Meet the Growing Demand from Buyers? (TRREB)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">As we approach the spring market, buyer interest is growing especially in more affordable property types. According to the Toronto Regional Real Estate Board (TRREB), month-over-month, sales of each property type in the <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">City of Toronto<\/a> and the <a href=\"https:\/\/www.zoocasa.com\/mississauga-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Toronto Area (GTA)<\/a> have increased. Most notably, sales of condo apartments increased by 34% across the region and detached unit sales increased by 33%.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Enjoying our content? Subscribe to our free<\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em> weekly newsletter<\/em><\/strong><\/a><strong><em> to get Canadian real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Housing Market Competition is Heating Up as Buyers Move Away from the Sidelines&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In a <a href=\"https:\/\/www.zoocasa.com\/blog\/zoocasa-survey-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">survey of Zoocasa readers<\/a> late last year, 60% of respondents said they were still planning to buy a home despite the higher interest rates. According to TRREB, a recent Ipsos poll echoed that sentiment, stating: \u201cRecently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,\u201d said TRREB Chief Market Analyst Jason Mercer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The number of newly listed properties in February increased to 8,367 units compared to 7,688 in January, however, with an average of just 2.2 months of inventory available across the Toronto region, supply is still tight making conditions for buyers more competitive.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/trreb-jan-2023\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>New Listings Up 88% Since December, Marking a Return to Pre-Pandemic Levels: TRREB<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.zoocasa.com\/milton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Milton<\/a>, <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto East<\/a>, <a href=\"https:\/\/www.zoocasa.com\/newmarket-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Newmarket<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/whitby-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Whitby<\/a> each have less than two months of inventory. In fact, Whitby and <a href=\"https:\/\/www.zoocasa.com\/clarington-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Clarington<\/a> have just 1.3 months of inventory each, the lowest level across the entire Toronto region.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Government of Canada has set a target to welcome over 1.3 million new immigrants to the country between 2022-2024, according to Statistics Canada. Many of these newcomers will need housing and push demand higher, especially in larger city centres. As our population grows this year, it is likely that demand will only continue to increase.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1286\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-TRREB-REGION-FEB-23-4.png\" alt=\"\" class=\"wp-image-21229\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-TRREB-REGION-FEB-23-4.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-TRREB-REGION-FEB-23-4-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-TRREB-REGION-FEB-23-4-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-TRREB-REGION-FEB-23-4-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-TRREB-REGION-FEB-23-4-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-TRREB-REGION-FEB-23-4-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"1286\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-COT-FEB-23.png\" alt=\"\" class=\"wp-image-21230\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-COT-FEB-23.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-COT-FEB-23-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-COT-FEB-23-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-COT-FEB-23-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-COT-FEB-23-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/TRREB-CHART-COT-FEB-23-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Average Prices are on the Rise for All Property Types Across the Toronto Region<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The average selling price in February 2023 was $1,095,617, an increase of 5% month-over-month from January\u2019s average price of $1,038,668. The price of each property type in the 416 and the 905 has increased. In the City of Toronto, the price of detached houses grew by a staggering 15% month-over-month to an average of $1,712,364. In the GTA, buyers are still favouring more affordable property types causing the average price of a townhouse to increase by 5.9% to $917,634. Prices of detached homes are also on the rise, increasing by 4.5% since January to $1,357,245.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/most-viewed-homes-february-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Most Viewed Homes in February 2023<\/a><\/strong><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">As market conditions begin to change, it\u2019s important to be prepared whether you\u2019re considering buying, selling, or both. With the <a href=\"https:\/\/www.zoocasa.com\/blog\/boc-jan-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">next interest rate announcement from the Bank of Canada<\/a> scheduled for March 8, now is the perfect time to speak to a mortgage broker and lock in a pre-approval. When preparing your home to sell, it\u2019s important to <a href=\"https:\/\/www.zoocasa.com\/company\/our-agents\" target=\"_blank\" rel=\"noreferrer noopener\">work with a real estate agent<\/a> to price your home at fair market value to ensure you generate the most interest for your property.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/real-estate-cycle-buyers-sellers\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>A Guide to the Real Estate Cycle for Buyers &amp; Sellers<\/strong><\/a><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Whether you\u2019re buying, selling, or just have questions, we\u2019re here to help! <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call<\/a> today to speak to an agent in your area to discuss your goals. We also have free resources on <a href=\"https:\/\/www.zoocasa.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">our website<\/a> that can help you navigate your real estate journey, including a free <a href=\"https:\/\/www.zoocasa.com\/education-centre\/buying\" target=\"_blank\" rel=\"noreferrer noopener\">Buyer\u2019s Guide<\/a> and <a href=\"https:\/\/www.zoocasa.com\/education-centre\/selling\" target=\"_blank\" rel=\"noreferrer noopener\">Seller\u2019s Guide<\/a>.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to Enter the Real Estate Market?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As we approach the spring market, buyer interest is growing especially in more affordable property types. According to the Toronto Regional Real Estate Board (TRREB), month-over-month, sales of each property type in the City of Toronto and the Greater Toronto Area (GTA) have increased. Most notably, sales of condo apartments increased by 34% across the [&hellip;]<\/p>\n","protected":false},"author":121,"featured_media":21227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1160,181],"tags":[],"class_list":["post-21226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","category-toronto-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will the Spring Housing Supply be Enough to Meet the Growing Demand from Buyers? 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Here\u2019s how you can prepare today.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/trreb-feb-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-03T17:28:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-03T17:28:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/Blog-x-Social-Images-3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Patti Cosgarea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/03\/Blog-x-Social-Images-3.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patti Cosgarea\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/trreb-feb-2023\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/trreb-feb-2023\/\"},\"author\":{\"name\":\"Patti Cosgarea\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/a8ed6cb4befb8c6f47dd8d29b5d89e60\"},\"headline\":\"Will the Spring Housing Supply be Enough to Meet the Growing Demand from Buyers? 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