WHAT'S HAPPENING IN THE MARKET?
According to TRREB, the average home selling price in the GTA for the month of January 2023 experienced a drop compared to the prices from the same month of last year.
The average selling price had an overall drop of 16.4% compared to January of last year.
There was a 3.4% decrease in the average selling price between July 2022 and January 2023.
The total number of transactions for this month is lower by 45% compared to last year's numbers (January 2022).
On January 25th, there was an interest rate announcement that increased the interest rate by 0.25%. However, the Bank of Canada indicated that they are not expecting any further hikes for this year. Before the announcement, we had around 90 transactions per day, but after the announcement, we saw an increase in market activity to 136 transactions per day.
Active listings are up by 124% compared to January of last year.
However, if we look at the active listings from July 2022 to January 2023, we are seeing that the inventory is decreasing every month.
If you are thinking about buying, selling, investing, or just have some real estate questions, you can reach me directly at 647-298-7500 or by scheduling a meeting with me.
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