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February 6 2023 | Market Watch

Toronto Real Estate Market Watch January 2023

Hello buyers, sellers, investors and friends! Can you believe it’s February already? It seems like yesterday we were trimming the tree and counting down to the new year, and now, here we are already one month down in 2023. The January 2023 numbers are much like December 2022’s numbers in terms of sales volume and average selling price when looking at the Toronto real estate market (and surrounding areas). My name is Danielle Demerino, I’m a Toronto real estate agent and my goal is to help educate my clients

When comparing January of this year to last, the higher borrowing costs definitely play a role as we see a reduction in both prices and volume. The Bank of Canada, in true groundhog day style, announced yet another rate hike–this time being one-quarter of a basis point–but stated their plans to forgo any additional increases for the time being. This may be the news needed to see buyers return to the market with hopes of the interest rate remaining consistent.

These buyers however will be competing for their dream home, as a growing population and tight job market promote the increased housing demand. This demand is driven by a reduction in available inventory, seen with houses of all types, with less than 10,000 active listings in the GTA. What does that mean for buyers? In short, if no additional listings were added to the Toronto Regional Real Estate Board, the current inventory would sell out within three months.

All things considered and contrary to some reports of a slower market, it is still a seller’s market. Homes are listed and sold relatively quickly, even with multiple bids. If you see something you like, you need to be prepared to hustle.

In new construction, we see new builds increasing and developers’ costs decreasing due to the stabilized labour, consistent supply chain, and normalized material costs. These prices and additional sales promotions are driving the educated and experienced investors to take advantage of market conditions and start buying while the deals are good.

GTA Real Estate Market Stats
The GTA’s average sale price (all home types) was down 16.4% in January 2023 to $1,038,668 (year-to-date) when compared to January 2022. Condo prices were down 8.1% to $687,696 (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 7.9% in January 2023 to $987,842 (year-to-date) when compared to January 2022. Condo prices were down 6.5% to $711,171 (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 20.2% in January 2023 to $920,587 (year-to-date) when compared to January 2023. Condo prices were down 10.1% to $626,401 (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 23.8% in January 2023 to $1,381,445 (year-to-date) when compared to January 2023. Condo prices were up 16.2% to $975,833 (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 15.4% in January 2023 to $1,285,583 (year-to-date) when compared to January 2023. Condo prices were down 12.2% to $668,464 (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 24.5% in January 2023 to $886,849 (year-to-date) when compared to January 2023. Condo prices were down 12.1% to $531,781 (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 26.7% in January 2023 to $1,002,018 (year-to-date) when compared to January 2023. Condo prices were down 7.8% to $573,928 (year-to-date) when compared to this time last year.

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If you’re looking to make your way into the market, or have questions about buying or selling your home, reach out to one of our knowledgeable realtors and let us make 2023 a year to remember! If you would like further market stats on a different region or neighbourhood, please do not hesitate to reach out via phone, email or website form! Contact details are below:

Danielle Demerino
ddemerino@royallepage.ca
416-728-5401

Brittany Huggins
bhuggins@royallepage.ca
647-863-7234