➕‘the numbers’ for the first month of 2023 are in, and as expected, the data reflects a continuation of late 2022 trends. The number of sales in January were similar to December, but are down significantly [-51%] when compared to the highly active January 2022 market. Average selling prices in January across all property segments in January were down -8% vs. January 2022 – continuing to reflect the impact of higher borrowing costs. As of January last year, the prime rate was 2.45% vs. 6.5% for January 2023.
“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
Looking to buy or sell a home in Toronto? Average prices in January were as follows:
➕Detached $1,486,124 [-21% vs. 2022]
➕Semi-detached $1,150,506 [-22% vs. 2022]
➕Townhouse $981,187 [-9% vs. 2022]
➕Condo $711,171 [-7% vs. 2022]
Data presented is for Toronto Only. Source: TRREB.