Toronto Housing Market Roars Back With Sales, Prices Surging

Toronto's housing market roars back with sales and prices surging as buyers focus on the lack of supply instead of rising borrowing costs after the Bank of Canada's rate pause.

May 3, 2023 . 7:22 PM

1 min read

Toronto's housing market saw a surge in both sales and prices in April, with home sales rising over 27% from March.
The benchmark price of a Toronto home rose 2.4% to C$1.11 million ($815,000) in April on a seasonally adjusted basis.
Inventory is extremely low, with the number of new listings hitting the market trailing far behind the increase in sales at just 2.8%.
The central bank's rate pause has brought buyers out in force, leading to renewed upward pressure on home prices.
Toronto's housing market and Vancouver's market are seeing tighter supply and rising prices.