{"id":22373,"date":"2023-06-02T12:09:58","date_gmt":"2023-06-02T16:09:58","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=22373"},"modified":"2023-06-02T13:01:37","modified_gmt":"2023-06-02T17:01:37","slug":"trreb-may-2023","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-may-2023\/","title":{"rendered":"GTA Sales Up Annually for First Time Since 2021: TRREB"},"content":{"rendered":"\n<p>May 2023 proved to be one of the strongest sales months that the <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Greater Toronto Area<\/a> has seen in a long time; home sales were up on both a monthly and annual basis for the first time since 2021\u2019s record-breaking year. The Toronto Regional Real Estate Board (TRREB) reported that 9,012 homes traded hands in May, a month-over-month increase of 19.7% and a year-over-year increase of 24.7%.&nbsp;<\/p>\n\n\n\n<p>All property types saw significant sales growth, but semi-detached and townhouse properties took center stage. Semi-detached sales were up 24.9% and townhouse sales were equally as impressive, increasing by 24% from April 2023.&nbsp;<\/p>\n\n\n\n<p><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<p>\u201cThe demand for ownership housing has picked up markedly in recent months. Many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market. In addition, strong rent growth and record population growth on the back of immigration has also supported increased home sales,\u201d said TRREB Chief Market Analyst, Jason Mercer.&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\/06\/TRREB-CHART-TRREB-REGION-APR-23-2.png\" alt=\"\" class=\"wp-image-22376\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-TRREB-REGION-APR-23-2.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-TRREB-REGION-APR-23-2-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-TRREB-REGION-APR-23-2-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-TRREB-REGION-APR-23-2-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-TRREB-REGION-APR-23-2-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-TRREB-REGION-APR-23-2-955x2048.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\/06\/TRREB-CHART-COT-APR-23-2.png\" alt=\"\" class=\"wp-image-22377\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-COT-APR-23-2.png 600w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-COT-APR-23-2-140x300.png 140w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-COT-APR-23-2-478x1024.png 478w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-COT-APR-23-2-768x1646.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-COT-APR-23-2-717x1536.png 717w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/06\/TRREB-CHART-COT-APR-23-2-955x2048.png 955w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Prices Climbing Back to 2022 Levels<\/h2>\n\n\n\n<p>At just a little over $14,000 shy of May 2022\u2019s average home price, the benchmark price for May 2023 continued to rise, perhaps indicating the GTA real estate market is reviving. The benchmark price for last month reached $1,196,101 &#8211; a 3.2% increase from April and a small 1.2% dip from last year, the smallest gap in price since October 2022.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/tips-succeed-peak-buying-season\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Mastering the Peak Buying Season: Key Strategies for Success<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>Individual property types also edged closer, or even surpassed, their May 2022 price levels. Semi-detached homes experienced the largest month-over-month price growth at 5.5% with the average price now at $1,198,185. The average price for a detached home in May was $1,556,566, a month-over-month increase of 4.5%. Townhouses had the largest year-over-year increase, with the average price jumping up by 2.5% year-over-year and 1.7% month-over-month, reaching $1,003,152.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Despite New Listings Up, Months of Supply Down<\/h2>\n\n\n\n<p>As has been the case for several months, the demand for houses is outpacing supply creating an especially tight market. 15,194 new homes were added to the market last month, and though this was an increase of 3,830 from April 2023, it wasn\u2019t enough to keep months of supply up. Months of supply for the region now sits at 2.2 months, down from 2.3 months in April and March 2023.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/detached-home-growth-q1-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Detached Home Prices Soar in the Greater Toronto Area (GTA) During Q1<\/strong><\/a><\/li><\/ul>\n\n\n\n<p>\u201cIf we don\u2019t quickly see housing supply catch up to population growth, the economic development of our region will be hampered as people and businesses look elsewhere to live and invest,\u201d said TRREB President Paul Baron.&nbsp;<\/p>\n\n\n\n<p>Are you preparing for a move this summer? Let\u2019s talk! <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\">Give us a call today<\/a> to speak to an agent in your area to discuss your real estate goals.<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to make your move in the summer market?<\/div>\n<div class=\"cta-body\">Give us a call today!<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>May 2023 proved to be one of the strongest sales months that the Greater Toronto Area has seen in a long time; home sales were up on both a monthly and annual basis for the first time since 2021\u2019s record-breaking year. The Toronto Regional Real Estate Board (TRREB) reported that 9,012 homes traded hands in [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":22375,"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":[1111,1160,181],"tags":[],"class_list":["post-22373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","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>GTA Sales Up Annually for First Time Since 2021: TRREB | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"The Greater Toronto Area real estate market experienced significant sales and price growth in May 2023, nearly reaching 2022 levels. 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