The Toronto real estate market in January 2023 saw a significant decline in sales and average price for all major home types compared to January 2022.
The detached home sector saw the most significant decline in sales, with 318 sales, a decrease of 32.8% compared to January 2022.
The average sale price for a detached home was $1,486,124, a decrease of 21.3% compared to January 2022.
Semi-detached homes had 84 sales, a decrease of 40.4% compared to January 2022.
The average sale price for a semi-detached home was $1,150,506, a decrease of 22.1% compared to January 2022.
There were 92 Townhome sales, a decrease of 54.5% compared to January 2022.
The average sale price for a townhouse was $981,187, a decrease of 9.1% compared to January 2022.
Condos had the smallest decline in sales and average sale price. There were 604 sales, a decrease of 57% compared to January 2022.
The average sale price for a condo was $711,171, a decrease of 6.4% compared to January 2022.
Year-over-year, the market experienced a 44.6% decrease in sales, a 3.7% decrease in new listings, and a 124.6% increase in active listings.
The average price for all home types was $1,038,668, a decrease of 16.4% compared to 2022.
The average listing days on market also increased significantly, with homes remaining on the market for an average of 29 days, a 123.1% increase compared to 2022.
The decline in sales and average price is likely due to the impact of higher borrowing costs on affordability over the past year.
However, the recent announcement from the Bank of Canada that interest rate hikes are likely on hold for the foreseeable future, coupled with population growth and tight labour market conditions, is expected to prompt some buyers to move off the sidelines in the coming months.
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Rylie C.
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