Lack of Listings Led to Tighter GTA Market Conditions in June

The Toronto Regional Real Estate Board (TRREB) reported that home sales and the average selling price in the Greater Toronto Area (GTA) in June 2023 remained above last year's levels. Despite a persistent lack of inventory, the demand for ownership housing is stronger than last year, despite higher borrowing costs. TRREB Chief Market Analyst Jason Mercer stated that GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth, and urged governments to accelerate action on housing supply.

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