After several lackluster months it appears buyers are coming back to the GTA housing market, leading to an uptick in prices as competition heats up.

While both sales and prices are down from the same period last year, the average selling price of a home in the GTA rose slightly to hit $1,108,606 in March, according to the latest report from the Toronto Regional Real Estate Board (TRREB). 

There were 11,184 new listings across the GTA in March and 6,896 sales. The average sales price rose above the average list price for the first time since May 2022, indicating that competition is increasing as buyers become more confident. 

Detached homes saw the most activity across the GTA while condos were the most popular choice in the city. The average price of a Toronto condo apartment in March was $732,944 – a drop of 11.9% from the previous year. 

There may be encouraging signs, but the market is still well below last year’s frenzy. Sales have fallen 36.5% year on year while new listings are down 44.3%.

What does this mean for Toronto landlords?

If you’re looking to get into the rental market and start your career as a Toronto landlord, now’s the time. Don’t be intimidated by renewed buyer interest. Prices will only increase, according to real estate experts, so would-be property investors should make their move now. Waiting for the market to stabilize or bottom out isn’t looking like a great strategy as interest heats up, driven mostly by first-time buyers eager to finally get into the market.

“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. 

TRREB CEO John DiMichele agreed, adding: “As population growth continues at a record pace on the back of immigration, first-time buying intentions will remain strong. Because the number of homes for sale is expected to remain low, it will also be important to have substantial rental supply available.”

If you’re looking to make the leap into the housing market and turn your property investment into passive income, we can help. Our property management firm has over 30 years experience helping GTA homeowners maximize their investment in the rental market. We can help you find the right property, manage your tenants, maintain your unit, and more. Get in touch today to get started!