Why Feb 2023 Toronto Real Estate Market Data Is So Important?

If you have to review any market data, I would say the February data is the most important and relevant one. Why, because we truly get to see the decline since hitting a record peak in February 2022. Feb 2022 was the hottest month of the year. By end of March 2022 the market had already shifted, therefore, if you have to see a clean data set from peak to now, these are the numbers.

It’s time to take a look at how the Toronto real estate market performed in Feb 2023. So far, we’ve seen some interesting trends. GTA experienced a major drop in February 2023 sales, following the Bank of Canada’s interest rate increase. However, while the number of new listings also shrunk, the average selling price has stabilized after months of decline.

We all have seen home prices decline from their peak in February 2022.

Many potential buyers are opting for properties below a million dollars to navigate the heightened borrowing costs. Despite these shifts, the Toronto Regional Real Estate Board sees continued resilience and opportunity in the Canadian housing market.

Forward View:

Interestingly at this time in March, I am seeing offer dates are back big time. It is not the same as 2022 but still homes are again getting multiple offers and selling in days. This is primarily driven by the bank of Canada announcing no further rate hikes. This is the surety buyers needed.

There were fewer listings in the market till early March but now there are plenty. Looks like the market has levelled off and remains a viable option for homebuyers looking for a good deal before we see an uptick in the prices.