The Greater Toronto Area (GTA) experienced a significant surge in single-detached home prices during the first quarter of 2023, excluding Dufferin County. The average selling price for a single-detached home in the City of Toronto reached $1,708,373 in March 2023, with most regions surpassing 100% growth. Additionally, sellers made a strong comeback, with new listings rising by 50% across the region.
Experts are calling for increased focus on policies that promote density in Toronto. It is argued that allowing more housing, especially in transit areas, is the most important issue for market housing. They speculate on the potential impact of rate hikes, but the direction of future interest rates could shape the trajectory of Toronto's housing market.