The Greater Toronto Area (GTA) housing market in January 2023 was a familiar and expected scene,
much like a cozy Netflix series. If you’re looking for drama, this market may not provide it, but if
you’re a buyer or seller looking for stability, the January numbers are what you need to see.
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GTA REALTORS® reported 3,100 sales through TRREB’s MLS® System in January 2023, which was in line
with December 2022 but down 44.6% compared to January 2022. The average selling price for January 2023 was $1,038,668, a slight decrease from December 2022, and down by 16.4% compared to January
2022.
It’s important to keep in mind that the decrease in sales and prices over the past year can be attributed
to the impact of higher borrowing costs on affordability. In other words, people have had to stretch
their dollars further to keep up with the housing market.
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However, there’s some good news on the horizon. The Bank of Canada recently announced that interest
rate hikes are likely on hold for the foreseeable future, which may give buyers the confidence they need
to make a move in the coming months. Record population growth and a tight labor market also suggest
continued housing demand.
Recent initiatives by all three levels of government aim to enhance housing affordability over the long
term, including increasing housing supply in both the ownership and rental markets. Toronto City
Council recently supported the Mayor’s 2023 Housing Action Plan, which is part of the City’s overall $2
billion commitment to housing initiatives.
For buyers, this could be an opportune time to get into the market. With stable sales and prices, as well
as lower interest rates, it may be the ideal moment to find your dream home. If you’re a
seller, now could be a good time to list your property. With record population growth and continued housing demand, there’s no shortage of buyers looking for a place to call home. If you’re trading up to a larger home, the dip in prices could benefit you as you look for a more expensive property.
Existing homeowners with a mortgage coming up for renewal may also be impacted by these developments. With interest rates likely on hold, you may see a reduction in your monthly payments,
which could make it easier to manage your mortgage payments. This may also be a great opportunity to
refinance your mortgage and secure a better interest rate or terms. If you’re just a homeowner looking to enjoy the stability of the market, the January numbers indicate a steady market that’s here to stay. There’s no need to worry about sudden price drops or a sluggish market it’s a good time to sit back, relax, and enjoy the stability of the market.
If you have any questions or are feeling overwhelmed, don’t hesitate to reach out for help. With 16 years of experience in the downtown market, I’m here to guide you through the process and answer any questions you may have call or text me at 647-973-8392.
