The 2022 final numbers are in, and they are fascinating! The Toronto market has not seen anything like this since the early 90’s. The first quarter had an incredible uptick in value followed by devaluation and stabilization in most areas of the GTA. So, what does this mean for both buyers & sellers and what should they expect in 2023?
The current sales volume is currently the lowest it has been since 2001. Most of these sales took place in the first quarter of this past year. Additionally, the average days on the market increased from 14 days in 2021 to 27 days in 2022. Interestingly, the average price of condos has maintained their value from the same time last year, while semi-detached and detached homes have decreased in this same period. Condo Apartments have not seen much of a decrease in 2022 as they are rebounding from the significant drop in value at the start of the pandemic.
We have seen a dramatic increase in interest rates in 2022. Furthermore, the Bank of Canada has disclosed their interest rate announcement dates for 2023. In total, there are eight dates set for 2023, the first of which is Jan 25th followed by March 8th. Inflation is a major concern for the government and our communities. There is talk of a potential increase next time they meet.
At this time, we are in a buyers’ market, but the amount which exists is highly dependent on the location where you hold or wish to invest. Outside the Toronto/GTA area is more tilted towards higher levels of the buyers’ market factor; Durham, Markham, Oakville, Brampton, etc.
New listings are down 21.3% from this time last year. In December, the average price was down 9.2% from the same time last year. That being said, every December for the last twenty years has a seen a decline in volume and average price. January, February, and the remainder of the first quarter will be telling in terms of where the market is going in 2023.
Follow the link to view the latest market stats with respect to the GTA area. If you would like to review up-to-date market stats in your preferred community, send me a message. I’m happy to help.
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