Buyers Poised to Enter the Market as Interest Rates Stabilize, However Inventory Lags
The Bank of Canada’s anticipated pause on interest rate hikes sets the stage for a better spring market for buyers and sellers, provided that there is enough inventory to satisfy demand
GTA Market Activity – January 2023
The average selling price in the GTA for January 2023 at $1,038,668, slightly lower than December 2022 averages, while benchmark prices remain steady month-over-month, a trend which has continued in the GTA since late summer.
The GTA saw 3,100 sales in January, slightly below December 2022 volumes, and down 44.6% from the blistering pace of sales we saw last January. The sales total represents the second lowest instance of sales since 2009. The only other time sales dipped to these levels was April 2020, which of course turned out to be an anomalistic low created by Covid uncertainty. The 2020 uncertainty for the real estate market was short-lived and sales rapidly increased all the way to 15,652 by March of 2021, an all-time high. It is noteworthy that those purchasers willing to come off the sidelines and enter the market were able to realize substantial equity gains since April 2020.
Listings are still selling, on average, in less than one month…more
