416.234.2424

[mon-fri] 9-8 [sat] 9-4 [sun] 10-2

oldmill@sutton.com

drop us a line anytime!

where you’ll find us!

74 Jutland Road Unit #40

Toronto, ON M8Z 0G7

‘the numbers’ [february 2023]
by sutton old mill

➕february 2023➕

 

‘the numbers’ for the February are in. At the 1 year anniversary of the Bank of Canada’s first rate hike of 2022, the Toronto Real Estate market appears to be finding it legs. As expected when compared to the peak of early 2022, the number of sales in February 2023 were down significantly [-46%] and selling prices remained down [-12% ] vs. February 2022. However, when comparing the same metrics to last month [January 2023], February 2023 data reported +57% growth in sales and +8% growth in average price. Of particular note, average prices in Toronto’s detached market segment grew +15% in February 2023 vs. January 2023.

It is expected that as Buyers who previously put their purchase on hold come back to the market, this increased demand will run up against a constrained supply of listings and lead to growing competition for Buyers. With time, this growing competition would likely lead to renewed price growth in many market segments.

Looking to buy or sell a home in Toronto? Average prices in February were as follows:

➕Detached $1,712,364 [-17% vs. 2022]
➕Semi-detached $1,1280,380 [-15% vs. 2022]
➕Townhouse $1,005,342 [-11% vs. 2022]
➕Condo $728,271 [-11% vs. 2022]

Data presented is for Toronto Only.   Source: TRREB.

more of what you love

‘the numbers’ [may 2024]

➕May 2024➕ The numbers for May are in, echoing the trend from last month. Once again, Toronto witnessed a persistent slump in home sales, as many prospective buyers held off in anticipation of declining mortgage rates. Compared to the same period last year, sales in...

read more

‘the numbers’ [april 2024]

➕April 2024➕   More Listings, More Options, Yet Buyer Caution Persists Primarily influenced by the temporary spring surge of the previous year, April 2024 witnessed a decline in home sales compared to April 2023. Despite a significant increase in listings...

read more

‘the numbers’ [march 2024]

➕March 2024➕   The Spring Market Poised for Acceleration! In March 2024, Toronto Real Estate saw a dip in home sales compared to last year, partly because Good Friday fell in March [vs. April] this year. Despite this, the market had more homes available, yet...

read more

‘the numbers’ [february 2024]

➕february 2024➕ It’s been a positive start to the new year! Despite ongoing challenges, the market has shown resilience, with both home sales and new listings experiencing growth compared to the previous year. Home sales in Toronto reached 1,907 in February 2024,...

read more

‘the numbers’ [january 2024]

➕january 2024➕ The numbers for the first month of 2024 are in! The initial market indicators suggest an early thaw for the Toronto Real Estate Market in 2024. It’s been a positive start to the new year. Home sales across all property types were up by +33% compared to...

read more

2023 year in review [+ looking forward to 2024]

From a bird's-eye view, surprisingly, the Toronto real estate market in 2023 closely resembled that of 2022. It was a year marked by discussions on interest rates, affordability, supply, volatility, and expectations. Furthermore, similar to 2022, we witnessed a robust...

read more