Happy March break! Hopefully, some of you are taking this week to relax and recharge with the family somewhere tropical, or enjoy a staycation at home! I’m Danielle Demerino, a Toronto real estate agent here to educate my readers on what is going on with the real estate market and help people make educated real estate decisions! With March on the calendar, we are only a few weeks away from winter 2023 in the books, along with the first quarter of the year. Let’s take a moment to review February’s numbers and see what’s happening in the real estate world.
The first notable update is that real estate prices have decreased since last February’s record high (which is no surprise to anyone). This decrease has helped buyers offset the costs of the increased borrowing fees. We’ve seen an 18% decrease in 2023 from February 2022, but interestingly it’s actually a 5% increase when comparing February 2021. This year the average sale price was just over a million, at $1,095,617.
Last month we had approximately three months worth of inventory, now it has dropped to two months of Toronto real estate of all housing types. This means if no additional listings were to be added to the market, the current available inventory would sell out in about two months.
The lower inventory has resulted in an increased demand and competition for available properties. This change may lead to price growth in several market areas.
The Bank of Canada has no current plans to increase interest rates, and this stability has led to rejuvenation in the new construction market for both builders and buyers. The low inventory availability is encouraging first-time buyers, investors, and those looking to up or downsize to look into new builds.
GTA Real Estate Market Stats
The GTA’s average sale price (all home types) was down 17.4% in February 2023 to $1,073,138 (year-to-date) when compared to February 2022. Condo prices were down 11.8% to $705,472 (year-to-date) when compared to this time last year.
Toronto Real Estate Market Stats
Toronto’s average sale price (all home types) was down by 10% in February 2023 to $1,038,434 (year-to-date) when compared to February 2022. Condo prices were down 11.4% to $728,271 (year-to-date) when compared to this time last year.
Mississauga Real Estate Market Stats
Mississauga’s average sale price (all home types) was down by 18.8% in February 2023 to $973,870 (year-to-date) when compared to February 2022. Condo prices were down 16.8% to $612,221 (year-to-date) when compared to this time last year.
Oakville Real Estate Market Stats
Oakville’s average sale price (all home types) was down by 16.5% in February 2023 to $1490,074 (year-to-date) when compared to February 2022. Condo prices were up 41.6% to $1,158,950 (year-to-date) when compared to this time last year.
York Region Real Estate Market Stats
York Region’s average sale price (all home types) was down by 17.1% in February 2023 to $1,296,659 (year-to-date) when compared to February 2022. Condo prices were down 15% to $676,580 (year-to-date) when compared to this time last year.
Durham Region Real Estate Market Stats
Durham Region’s average sale price (all home types) was down by 26.6% in February 2023 to $887,800 (year-to-date) when compared to February 2022. Condo prices were down 18.3% to $537,593 (year-to-date) when compared to this time last year.
Brampton Real Estate Market Stats
Brampton’s average sale price (all home types) was down by 25% in February 2023 to $1,016,186 (year-to-date) when compared to February 2022. Condo prices were down 22.6% to $537,252 (year-to-date) when compared to this time last year.
If you are looking to buy, sell, or shop the market, please reach out to our team to see what opportunities may be available for you. We look forward to warmer days and meeting with you to find you your dream home!
Danielle Demerino
ddemerino@royallepage.ca
416-728-5401
Brittany Huggins
bhuggins@royallepage.ca
647-863-7234
