As per the TRREB report on 5th April 2023, it was reported 6,896 sales throuogh MLS system in March 2023 - down 36.5% compared to March 2022. The average selling price was down by 14.6% year-over-year to $1,108,606. On a month-over-month basis, both average selling price and no. of sales were up.

New listings were noticed to get further reduction of 44% on a year-over-year basis. This points to tighter market conditions compared to last year. The sales-to-new listings ratio in March 2023 showed higher percentage of 62% in comparison to March 2022. The competition between buyers are heating up in many GTA neighbourhoods.

"Recent consumer polling also suggests that demand for ownership housing will continue to recover this year. Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership." said TRREB President Paul Baron.

The population growth continues at a record pace on the back of immigration. The first-time buying intentions will remain strong. Canada aims to welcome 465,000 new permanent residents in 2023, 485,000 in 2024 and 500,000 in 2025.

• Federal government eases some restrictions on non-Canadians purchasing property. Effective from 27 March 2023, Non-Canadians in the country on a work permit or who are authorized to work in Canada can now purchase residential property. They must have at least 183 days or more remaining on their work permit or work authorization and must purchase only one property to be eligible.

  The NRST (Non-Resident Speculation Tax) still applies for the working permit holders who are eligible for purchasing a home located in Ontario. However, the above amendment may get higher demand for the preconstruction projects due to the long closing dates in next 4-5 years.

   

• The Bank of Canada decided Wednesday to hold its key interest rate steady at 4.5 per cent, but made it clear it’s still prepared to raise rates further depending on inflation.

   

•  Critics warn Ford government’s new plan to meet housing target will boost sprawl. "In a new push to reach its target of 1.5 million new homes by 2031, Premier Doug Ford’s government is proposing a slew of changes that include allowing municipalities to build faster on undeveloped land — which critics warn will fuel sprawl into farmland." quoted from Toronto Star. The new policies also include to propose cooling-off periods for buyers, enhance tenant's protection, allow farmers to build up three new residences on their land in rural areas and so on.

  Chinese article https://mehomecn.com/cn/Toronto/articles/65652?share_id=5881