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 comparing to the peak of early 2022, the number of sales in February 2023 were down significantly [-46%] and selling prices remained down -12% when compared to 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 City of Toronto Only. Source: TRREB.
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 City of Toronto Only. Source: TRREB.
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