WHAT'S HAPPENING IN THE MARKET?

According to TRREB, the Greater Toronto Area (GTA) housing market continues to improve from a sales perspective in May 2023. Sales as a share of new listings were up dramatically compared to a year ago. 

This is a 3.7% increase compared to April, with a 15% increase compared to January as well. 

The average sale prices show us similarities of market improvement in recent years, with an adjustment in the summer market starting in June and July of 2018. We are preparing for another adjustment announcement due in this year's summer market, regarding a potential increase. 

However, the number of residential transactions for this year had a significant jump of 23.8% compared to May of 2022. This is the highest since March of 2022. 

The percentage of transactions has also increased by 20% compared to the month of April when looking at the movement in Home Type. 

Active listings are lower by 23.1% for this year. 

With that being said, we can see change across all home types, where the highest efficiency is seen in semi-detached homes by almost 50%. 

If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

Sign up to join our mailing list! You will receive monthly GTA Real Estate Market Updates directly to your email as soon as they are recorded.   

WHAT'S HAPPENING IN THE MARKET?

According to TRREB, the average home selling price in the GTA for the month of February 2023 dropped significantly compared to the prices of February 2022.

The average selling price for this month had an overall decrease of 17.9% compared to February of last year.

However, looking at the prices on a month-over-month basis, there was an increase of 5.5%. The average selling price went up by $56,969 from $1,038,668. 

The number of transactions went down by 47.4% compared to February 2022.

The drop in the total number of transactions is consistent in all of the home types. 

The number of active listings in the GTA went up by more than 38% when compared to February 2022. However, if we compare January to February from previous years, it can be seen that active listings have been increasing by a consistent number each year aside from 2022 when the market experienced a surge in listings. 

This year, the market only experienced an increase of 3.7%, which we are facing now due to low inventory and very few new properties coming to the market. 

If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

Sign up to join our mailing list! You will receive monthly GTA Real Estate Market Updates directly to your email as soon as they are recorded.

WHAT'S HAPPENING IN THE MARKET?

According to TRREB, the average home selling price in the GTA for the month of January 2023 experienced a drop compared to the prices from the same month of last year.

The average selling price had an overall drop of 16.4% compared to January of last year.

There was a 3.4% decrease in the average selling price between July 2022 and January 2023.

The total number of transactions for this month is lower by 45% compared to last year's numbers (January 2022).

On January 25th, there was an interest rate announcement that increased the interest rate by 0.25%. However, the Bank of Canada indicated that they are not expecting any further hikes for this year. Before the announcement, we had around 90 transactions per day, but after the announcement, we saw an increase in market activity to 136 transactions per day. 

Active listings are up by 124% compared to January of last year.

However, if we look at the active listings from July 2022 to January 2023, we are seeing that the inventory is decreasing every month. 

If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

Sign up to join our mailing list! You will receive monthly GTA Real Estate Market Updates directly to your email as soon as they are recorded.

WHAT'S HAPPENING IN THE MARKET?

According to TRREB GTA, the average selling price for the month of December 2022 experienced another drop due to interest rate hikes.

The average selling price for this month had an overall decrease of 9.2% compared to December of 2021, and compared to last month (November 2022), prices decreased by $28,179 from $1,079,395.

Looking at the trend, we could see a slight drop in prices for December compared to November, which was to be expected. 

Taking a look at the average selling price in 2022, we can see that the peak was in March when prices were averaging around almost $1,400,000 and the lowest was in December, dropping to around $1,050,000, which is approximately a drop of 25%.  

By home type, Semi-Detached had the highest drop with a decrease of 26.6% and Condo Apartments had the lowest drop with 12.8%. 

The number of transactions has been lowered by 48.3% compared to last month's transactions.

The total number of sales for 2022 is 38% lower compared to the total number of sales from 2021, since 2021 had the highest sales in TRREB history. The number of transactions decreased from 122,133 to 75,652.

Active listings are up by 169% compared to December of last year. 

However, December 2021 had a significantly low inventory level when compared to other years. 

If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.

Sign up to join our mailing list! You will receive monthly GTA Real Estate Market Updates directly to your email as soon as they are recorded.