According to the Toronto Regional Real Estate Board’s latest report, the average selling price of properties in the Greater Toronto Area reached $1,153,269. Now, this is a month-over-month increase of 4%. Sales were also up compared to March, increasing by 9% to 7,531 homes sold, though these increases combined with low levels of inventory means market conditions are tightening.

Many buyers have come to terms with higher borrowing costs and they are taking advantage of lower selling prices compared to this time last year. Now, the issue moving forward will not be the demand for ownership housing, but rather the ability to meet the demand with adequate supply. Now, this is a policy issue that requires sustained efforts from all levels of government.