Courtesy of Stuart Gass

Toronto January Market Report

$1,486,124 detached DOWN 21.2% year-to-year

$711,171 condo/apartment DOWN 6.5% year-to-year

$827,974 condo/townhouse DOWN 13.1% year-to-year

AVERAGE SALE PRICES

3,010 NEW LISTINGS 1,108 SOLD LISTINGS

detached 714

179 condo/town.

48.1% SALES TO NEW LISTING RATIO

31 DAYS ON MARKET

2.2 MONTHS OF INVENTORY

ACTIVE LISTINGS (residential inventory) 3,880

GTA REALTORS ® Release, February 3, 2023 – As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year. “Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron. GTA REALTORS ® reported 3,100 sales through TRREB’s MLS ® System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 percent from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 percent compared to the January 2022 average price reported before the onset

of Bank of Canada interest rate hikes. The MLS ® Home Price Index (HPI) Composite Benchmark was in line with the December result, but down by 14.2 percent compared to January 2022. “Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,” said TRREB Chief Market Analyst Jason Mercer. “All three levels of government have announced policies to enhance housing affordability over the long term, including many initiatives focused on increasing housing supply in the ownership and rental markets. Most recently, we were encouraged to see Toronto City Council support the Mayor’s 2023 Housing Action Plan as part of the City’s overall $2 billion commitment to housing initiatives,” said TRREB CEO John DiMichele. Statistics reflect market activity in Jan. 2023 | Source: TRREB ® Toronto Regional Real Estate Board | Market values stated are average prices. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

Stuart W. Gass Sales Representative, ABR ® , SRES ® , RENE

Complimentary Market Evaluation Call today and I will be happy to provide a professional market evaluation of your property, at no cost or obligation. This service will assist you in determining the market value of your real estate holdings.

gass@sympatico.ca www.StuartGass.com

Cell: 416.200.2020 Toronto: 416.391.3232 Durham: 905.665.2500

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