And we’re back with another market update! As a Toronto real estate agent we are dedicated to keeping our clients in the know on the latest real estate trends. We’ve enjoyed watching the market for the first two months of 2023, and unbelievably we are almost through the first quarter of 2023. With that said, let’s dive into the Toronto Real Estate Board’s February housing statistics.
First off, we see that real estate prices have dropped when compared to February 2022 by 18%! This is interesting because if we look back another calendar year to February of 2021, it has actually increased by 5%, making the 2022 numbers a record high! February 2023’s average sale price across the GTA was $1,095,617, resting at just over a million dollars.
Next, let’s take a look at inventory. January 2023 had about three months of available inventory but by the end of February, we are left with about a two-month supply of housing of all types. What does this mean for buyers? Well, without another listing being added to the market, we would run out of available homes within a two-month span.
Limited availability and increased demand for homes have driven the competition up between buyers. These changes may lead to renewed price growth throughout the market. The Bank of Canada has suggested more consistency with their interest rates, showing no current plans for additional increases. This is good news for new construction, as business begins to pick up making new builds an attractive option for new buyers, investors, and those wishing to up or downsize in a limited inventory market.
GTA Real Estate Market Stats
When looking at all home types in February 2023, the average sale price in the GTA was down 17.4% to $1,073,138 year-to-date, when compared to February 2022. When zooming in on condos, prices were down 11.8% to $705,472 year-to-date, when compared to this time last year.
Toronto Real Estate Market Stats
When looking at all home types in February 2023, the average sale price in Toronto was down 10% to $1,038,434 year-to-date, when compared to February 2022. When zooming in on condos, prices were down 11.4% to $728,271 year-to-date, when compared to this time last year.
Mississauga Real Estate Market Stats
When looking at all home types in February 2023, the average sale price in Mississauga was down 18.8% to $973,870 year-to-date, when compared to February 2022. When zooming in on condos, prices were down 16.8% to $612,221 year-to-date, when compared to this time last year.
Oakville Real Estate Market Stats
When looking at all home types in February 2023, the average sale price in Oakville was down 16.5% to $1,490,074 year-to-date, when compared to February 2022. When zooming in on condos, prices were up 41.6% to $1,158,950 year-to-date, when compared to this time last year.
Durham Region Real Estate Market Stats
When looking at all home types in February 2023, the average sale price in the Durham Region was down 26.6% to $887,800 year-to-date, when compared to February 2022. When zooming in on condos, prices were down 18.3% to $537,593 year-to-date, when compared to this time last year.
York Region Real Estate Market Stats
When looking at all home types in February 2023, the average sale price in the York Region was down 17.1% to $1,296,659 year-to-date, when compared to February 2022. When zooming in on condos, prices were down 15% to $676,580 year-to-date, when compared to this time last year.
Brampton Real Estate Market Stats
When looking at all home types in February 2023, the average sale price in Brampton was down 25% to $1,016,186 year-to-date, when compared to February 2022. When zooming in on condos, prices were down 22.6 to $537,252 year-to-date, when compared to this time last year.
As we start to see what changes the next quarter of the market may bring, we look forward to new growth in both the world and real estate alike. If you’re ready to buy, sell, invest or make a housing change of any kind, please contact our friendly team to discuss your goals and expectations. Enjoy the last of the frosty days, increased temperatures are just around the corner!
