Hello! Here is the February 2023 real estate market update
Mississauga and GTA real estate market in January 2023 was very slow.
It was much less active than in January of 2022.
Number of sales in January 2023 was 44.6%!!! lower than in January 2022.
The average home price was lower by 16.4%! comparing to January 2022.
Sales were much lower in all categories in both, 416 and 905 areas.
The biggest dip (-57.0%!!!) in sales was in condo apartment category, in 416 area.
Please have a look below
Source: Market Watch, TRREB
The number of sales in Mississauga and GTA was very low for this time of the year.
Usually January is more active than December, but not this year.
The average home price decreased by 16.4%! comparing to January of last year, and in terms of dollars it was $203,739!!! lower.
The average home price, comparing to the previous month went down by $12,548.
Please have a look below.
Source: Market Watch, TRREB
The real estate market was unusually slow in January 2023.
The average home price was lower than in January of last year.
On January 25th the Bank of Canada raised the interest rate again, but only by 0.25%. It also indicated that it could be the last rate increase this year, depending on economy performance.
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Mississauga & GTA Real Estate Market Watch
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Current Interest Rates
GTA Realtors® Release January 2023 Stats
TORONTO, ONTARIO, February 3, 2023 – As we moved from 2022 into 2023, the Greater Toronto Area (GTA) housing market unfolded as expected. The number of January sales and the overall average selling price were similar to December 2022. On a year-over-year basis, both sales and prices were down markedly, continuing to highlight the impact of higher borrowing costs on affordability over the last year.
“Home sales and selling prices appear to have found some support in recent months. This coupled with the Bank of Canada announcement that interest rate hikes are likely on hold for the foreseeable future will prompt some buyers to move off the sidelines in the coming months. Record population growth and tight labour market conditions will continue to support housing demand moving forward,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.
GTA REALTORS® reported 3,100 sales through TRREB’s MLS® System in January 2023 – in line with the December 2022 result of 3,110, but down 44.6 per cent from January 2022. The average selling price for January 2023 at $1,038,668 was slightly lower than the December 2022 result and down by 16.4 per cent compared to the January 2022 average price reported before the onset of Bank of Canada interest rate hikes. The MLS® Home Price Index (HPI) Composite Benchmark was in line with the December result, but down by 14.2 per cent compared to January 2022.
“Home prices declined over the past year as homebuyers sought to mitigate the impact of substantially higher borrowing costs. While short-term borrowing costs increased again in January, negotiated medium-term mortgage rates, like the five-year fixed rate, have actually started to trend lower compared to the end of last year. The expectation is that this trend will continue, further helping with affordability as we move through 2023,” said TRREB Chief Market Analyst Jason Mercer.
“All three levels of government have announced policies to enhance housing affordability over the long term, including many initiatives focussed on increasing housing supply in the ownership and rental markets. Most recently, we were encouraged to see Toronto City Council support the Mayor’s 2023 Housing Action Plan as part of the City’s overall $2 billion commitment to housing initiatives,” said TRREB CEO John DiMichele.
TRREB will release its annual Market Outlook and Year in Review report on Friday, February 10, 2023.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
January 2022 - January 2023 Comparison
Average home price was down by $203,739, number of sales was down by 2,494 units, time to sell a home was 23 days longer.
Mississauga & GTA Home Sales
December 2022 - January 2023 Comparison
Average home price was lower by $12,548, number of home sales was lower by 17 units, time to sell was 1 day longer.
Current Interest Rates
Rates quoted by Invis Canada are subject to change up↑ or down↓ without notice.
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Quote of the Month There is nothing permanent except change. ~ Heraclitus ~ |
Sales and Average Price Up in Calendar Year 2013
January 6, 2014 – Greater Toronto Area REALTORS® reported 4,078 residential
transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent
compared to 3,582 sales reported in December 2012. New listings entered into the
TorontoMLS system were down by almost four per cent over the same period.
Total sales for calendar year 2013, at 87,111, were up by approximately two per cent
compared to 85,496 transactions in calendar year 2012.
“After a slow start to the year, sales growth accelerated to a brisk pace in the second half
of 2013. Despite the inclement weather in December, we finished the year with a
respectable gain in transactions compared to 2012. Looking forward, I believe that home
ownership in the GTA will remain affordable as borrowing costs stay low. The result could
be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne
Usher.
“The average selling price will be up again in 2014 and by more than the rate of inflation.
The seller’s market conditions that drove price growth in the second half of 2013 will
remain in place in many parts of the GTA. Some neighbourhoods, especially those
characterized by low-rise home types like singles, semis and townhomes, will continue to
have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent
compared to the average of $477,756 in December 2012.
The average selling price for 2013 as a whole was $523,036, which represented an increase
of 5.2 per cent compared to the calendar year 2012 average of $497,130.