Impressive Rally in Greater Toronto Area Housing Market Continues in May, Highlighting Strong Resilience and Widespread Recovery
GTA Market Activity – May 2023
In May, the housing market in the Greater Toronto Area (GTA) continued its upward trajectory, displaying an impressive rally in home prices. The average price surged by $42,832, marking the second consecutive month of substantial gains exceeding $40,000. This surge is particularly noteworthy when compared to the market bottom observed in January, where properties were selling at an average of $1,038,668. Since then, home values have experienced a commendable recovery, reclaiming $157,433 of the previously incurred losses
The resilience of the GTA housing market is undeniably apparent, with an extraordinary rebound that has recouped 53% of the losses incurred during an 11-month period marked by eight consecutive interest rate increases. Remarkably, this substantial recovery has materialized in just four months, reflecting the market’s exceptional resilience and adaptability…more
