As temperatures drop to some of the lowest levels Toronto has seen in years, data released Friday suggests the city’s housing market is cooling at an equally frantic pace.
Home sales and prices fell by astonishing percentages year over year in January 2023, according to the Toronto Regional Real Estate Board (TRREB), which reported spikes across the board at this time of year. last.
In January 2022, the average sale price of a home in the Greater Toronto Area was $1,242,793, about 28.6% more than the average sale price in January 2021.
This month of January? January 2023? The average home in the GTA sold for just (lol) $1,038,668.
This equates to a price drop of 16.4% (or $204,125) in just 12 months, which would likely be good news for potential buyers if they could afford mortgages at interest rates. current Bank of Canada.
“Year-over-year, sales and prices declined significantly, further underscoring the impact of rising borrowing costs on affordability over the past year,” the latest report said. monthly statistics from the TRREB, published on Friday.
Indeed, home sales continued their steep descent in the housing market charts in January 2023, down 44.6% since January 2022, with just 5,594 properties sold in the GTA.
And yet, despite these grim numbers, some analysts still insist the market isn’t really collapsing, saying sales and prices are expected to rise through 2023.
“Home sales and sale prices appear to have found some support over the past few months. This, combined with the Bank of Canada’s announcement that rate hikes will likely be put on hold for the foreseeable future, will cause some buyers to pull out of the markets in the coming months. said TRREB Chairman Paul Baron when releasing the January 2023 market report.
“Record population growth and tight labor market conditions will continue to support housing demand going forward.”
Source: blogto.com
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