Market Update: January 2023

Have you seen the news recently? Sounds like the market is crashing and everyone is panicking…prices are down 16.4% compared to January 2022!

Sure…but do you remember last January? Prices were up almost 29% from the pervious year.The headlines were fearing that no one could afford a home.

Let’s get in to the numbers:

Since July the average sale price is around 1.07M💲
January we had an average sale price of close to 1.04M in the GTA

As mentioned we expected a softer start to the year, this is normal, but prices are not dropping like a stone mostly due to the fact that rates, although high are still affordable, and listings, are still low. We have the least amount of active listings other than Dec, since Feb 2022.

I expect the market will continue to find its footing in this new rate era, and stats to improve the remainder of the year.