Toronto Real Estate Market Update - February 2023
Posted on Feb 09, 2023 in Market Update
As we moved from 2022 into 2023, the Greater Toronto Area 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, continuing to highlight the impact of higher borrowing costs on affordability over the last year.
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Toronto Real Estate Market Update - January 2023
Posted on Jan 12, 2023 in Market Update
The Greater Toronto Area housing market experienced a significant adjustment in 2022, following record levels in 2021. The market was plagued by existing affordability issues, brought on by a lack of housing supply, which were further exacerbated by sustained interest rate hikes by the Bank of Canada.
"Following a very strong start to the year, home...
Toronto Real Estate Market Update - December 2022
Posted on Dec 08, 2022 in Market Update
Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at...
Toronto Real Estate Market Update - October 2022
Posted on Oct 05, 2022 in Market Update
The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022.
"We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and re...
Toronto Real Estate Market Update - September 2022
Posted on Sep 06, 2022 in Market Update
Sales represented a higher share of new listings compared to the previous three months. If this trend continues, it could indicate some support for selling prices in the months ahead.
"While higher borrowing costs have impacted home purchase decisions, existing homeowners nearing mortgage renewal are also facing higher costs. There is room for the f...
Toronto Real Estate Market Update - August 2022
Posted on Aug 10, 2022 in Market Update
Market conditions remained much more balanced in July 2022 compared to a year earlier. As buyers continued to benefit from more choice, the annual rate of price growth has moderated. Less expensive home types, including condo apartments, experienced stronger rates of price growth as more buyers turned to these segments to help mitigate the impact o...