Toronto Housing Market Continues To Be Slow....📉🏡 I Top 10 Rated Real Estate Agents in Toronto
Saturday Feb 25th, 2023
Our real estate market in the Greater Toronto Area (GTA) remains slow this year with a lower volume of sales and average home prices similar to December 2022 📉🏡 Clearly, these results are the impact of higher mortgage rates which impacts the affordability of owning real estate.
Compared to the same time early last year in January 2021, the volume of sales is down a significant -44.6%, meaning there are only half as many buyers active.
The average price of a property in the GTA has come down -16.4% to $1,038,668. We're continuing to see the trend of the most expensive housing types with the biggest price decreases: over the past year, suburban detached homes lead with the largest average price drop of -23.8% between January 2022 to January 2023 ⬇️
This is a great market for buyers to explore their options and secure property at a significantly reduced price 🏡
If you're looking for guidance in navigating this shifting market & effectively achieving your goals in selling or purchasing real estate, feel free to contact our team at 647-836-2895 ☎️