Hello, real estate enthusiasts! Can you believe we said hello to Punxsutawney Phil last week as he emerged from his burrow to predict the six more weeks of winter? While he crawls back into his cozy little one-bedroom, let’s take a look at the rest of the housing market for the Greater Toronto Area. My name is Britt Huggins, I’m a Toronto real estate agent here to educate you on the latest market stats provided by the Toronto Regional Real Estate Board.
Sales and volume of the residential real estate market are comparable for January 2023, as they shadow December’s numbers. Looking back to January 2022, the higher borrowing costs show both prices and volumes reduced significantly.
The Bank of Canada once again announced a rate hike of one-quarter of a basis point but has said we can look forward to a freeze on future increases for the present time. Consistent interest rates encourage buyers to return or jump into the market with the hopes of rate stability for the foreseeable future.
The ever-growing population and lean job market make for a housing demand, and in turn, it remains a seller’s market as the inventory of houses (of all types) sits below typical seasonal levels. We continue to see homes selling, and with multiple competing bids. Presently, we see less than 10,000 active residential listings throughout the GTA, which translates to only three months of inventory–this means if the Toronto Regional Real Estate Board failed to produce any other listings, we could expect current inventory to be drained within a three-month period.
Let’s break down the stats by our most popular regional real estate markets: the GTA, Toronto, Mississauga, Oakville, Durham Region, and Brampton. Please note, the stats below are based on real estate sold year to date.
GTA Real Estate Market Stats
When looking at all home types in January 2023, the average sale price in the GTA was down 16.4% to $1,038,668 year to date, when compared to January 2022. When zooming in on condos, prices were down 8.1% to $687,696 year-to-date, when compared to this time last year.
Toronto Real Estate Market Stats
When looking at all home types in January 2023, the average sale price in Toronto was down 7.9% to $987,842 year-to-date, when compared to January 2022. When zooming in on condos, prices were down 6.5% to $711,171 year-to-date, when compared to this time last year.
Mississauga Real Estate Market Stats
When looking at all home types in January 2023, the average sale price in Mississauga was down 20.2% to $920,587 year-to-date, when compared to January 2022. When zooming in on condos, prices were down 10.1% to $626,401 year-to-date, when compared to this time last year.
Oakville Real Estate Market Stats
When looking at all home types in January 2023, the average sale price in Oakville was down 23.8% to $1,381,445 year-to-date, when compared to January 2022. When zooming in on condos, prices were up 16.2% to $975,833 year-to-date, when compared to this time last year.
Durham Region Real Estate Market Stats
When looking at all home types in January 2023, the average sale price in the Durham Region was down 24.5% to $886,849 year-to-date, when compared to January 2022. When zooming in on condos, prices were down 12.1% to $531,781 year-to-date, when compared to this time last year.
York Region Real Estate Market Stats
When looking at all home types in January 2023, the average sale price in the York Region was down 15.4% to $1,285,583 year-to-date, when compared to January 2022. When zooming in on condos, prices were down 12.2% to $668,464 year-to-date, when compared to this time last year.
Brampton Real Estate Market Stats
When looking at all home types in January 2023, the average sale price in Brampton was down 26.7% to $1,002,018 year-to-date, when compared to January 2022. When zooming in on condos, prices were down 7.8% to $573,928 year-to-date, when compared to this time last year.
New builds in the construction field have increased once again as we see greater consistency in labour, supplies and reduced material costs. As the prices fall, developers’ price points decrease as well and prompt the seasoned investor to take advantage of the sales promotions while the opportunities are prime.
It’s never the wrong time to get into the market, and with an educated, experienced realtor by your side, you can still find the property of your dreams. Let us make these next six weeks of winter race by as we shop for your next place to call home!
